Rosneft claims to have taken a significant step to realising an ambitious $100 billion Russian oilfield project, Vostok Oil, as it started the ball rolling on construction of a key export terminal.

Contractor United Energy Building Corporation has brought the first supplies and equipment to shore on the Taymyr Peninsula to prepare for construction of the terminal in Yenisey Bay, East Siberia, Rosneft said.

The terminal will allow the export of oil and condensate from Vostok Oil to international markets.