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4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  Gazprom PAO    GAZP   RU0007661625

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Gazprom Neft' PAO : Vladimir Putin launches oil loading at Arctic Gate

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05/26/2016 | 10:04pm CEST

Via videoconference, President Vladimir Putin has launched the loading of the first tanker with oil from the Novoportovskoye field at the Vorota Arktiki (Arctic Gate) terminal in the Gulf of Ob on the Yamal Peninsula, RIA Novosti reports.

Alexey Miller, Gazprom CEO, and Gazprom Neft General Director Alexander Dyukov attended the launch ceremony at the terminal.

"The first oil transfer at Arctic Gate has begun," Miller announced.

Novoportovskoye is one of the largest oil and gas condensate deposits in development on the Yamal Peninsula. Extractable reserves exceed 250 million metric tons of oil and gas condensate as well as over 320 billion cubic meters of gas. The oilfield is located far from the oil pipeline infrastructure. Therefore, crude oil and gas will be delivered by sea.

The Arctic Gate terminal has a capacity to ship 8.5 million metric tons of oil per year and was built to operate in extreme weather and geographical conditions.

(c) 2016 Fusion Media Limited. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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