President Vladimir Putin announced the first oil has been extracted from the Vostok Oil project. The company expects to produce approximately 30 million tons in the second half of this year, with the potential to reach 100 million tons annually under favorable market conditions, according to Igor Sechin. Oil from the project will be supplied to Western markets and Asia-Pacific countries, said Alexander Novak. Vostok Oil is estimated to have a resource base of 7 billion tons of low-sulfur oil, making it one of the world's largest deposits, Putin noted.
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