Vitol Offloads Stake in Russia’s Vostok Oil
01.08.2023 By - NEWS

January 8, 2022 [Offshore Technology] – Vitol and its consortium partner Mercantile & Maritime Group acquired a 5% stake in Vostok Oil in 2021.


Global commodities trader Vitol has divested its stake in Russia’s Vostok Oil to Dubai-based trader Fossil Trading.

Vostok Oil is led by the Russian energy major Rosneft. Financial terms of the deal were not disclosed.

In a press statement, Vitol said: “The divestment, which was agreed in July 2022, subject to conditions precedent, has been finalised following the completion of all legal formalities.”

Vitol and its consortium partner Mercantile & Maritime Group acquired a 5% stake in Vostok for $4bn in 2021.

Rosneft’s subsidiary RN-Trade owns a 85% interest in Vostok Oil.

As part of the Vostok Oil project, Rosneft initiated the development of the oil and gas fields in Taimyr in 2020. These fields cover 52 licensed areas in the north of the Krasnoyarsk Territory.

The areas encompass the Vankor, Tagul, Suzun, and Lodochnoye fields, as well as the new fields of Payakha and Zapadno-Irkinskoye, according to Interfax.

Rosneft has set a target to supply 30 million tonnes of oil from Vostok Oil in 2024 via the Northern Sea Route.

In July 2022, Singapore commodity firm Trafigura divested its 10% stake in Vostok Oil to Hong Kong-based independent trader Nord Axis for an undisclosed sum.

The transaction included Trafigura’s 10% non-operational and passive shareholding in Vostok Oil and the associated non-recourse bank debt.

The sale follows sanctions imposed by Western nations on Russia for its invasion of Ukraine, reported Reuters.

Pro Trial: Access 11,340 Tank Terminal and Production Facilities

11,340 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Tanzania, UAE Firm Sign Petroleum Facility Deal
02.02.2023 - NEWS
February 2, 2022 [The Citizen] – The deal was signed by the Ministry of Energy and represen... Read More
Russia’s Oil Exports Rebound Ahead Of The EU Ban On Fuel Imports
02.02.2023 - NEWS
February 2, 2022 [] – The upcoming EU ban on fuel imports from Russia, as well ... Read More
Marathon Petroleum Tops Profit Estimates on High Demand, Tight Supplies
02.02.2023 - NEWS
February 2, 2022 [Reuters] – Marathon Petroleum Corp (MPC.N) on Tuesday beat Wall Street ex... Read More
S. Korea to Build New LNG Terminal in Southern Industrial Town to Meet Increased Demands
02.02.2023 - NEWS
February 2, 2022 [Aju Business Daily] – South Korea will build a new liquefied natural gas ... Read More