1/12/2024 0 Comments Vostok oil trafiguraThe global oil market is scrambling for profit and rebound. Trading firms Vitol and Mercantile and Maritime Energy are ready to take a stake in state-controlled Rosneft's Vostok Oil project in the Russian Arctic, following in the footsteps of trading giant Trafigura, in a deal that is likely to provide access to future output from the project. However, the developed was mire by the 2020 oil market downturn due to the pandemic. The company was previously looking for investors in economies such as China, India and Japan. It is reported that the company will offer traders stakes in Vostok Oil and future oil supply for immediate contracts. The deal will also allow Trafigura to offtake crude oil supply on a long-term basis.Ĭurrently, Rosneft is in talks with major oil traders such as Glencore, Vitol and Gunvor for investments in the Vostok Oil project. Th move will pave the path for the company to use premium crude oil resources from a big new onshore oil-producing region in Siberia’s Taymyr province. It is reported that Amsterdam-based company Trafigura has acquired 10 percent in Vostok oil. Furthermore, the clusters are located near to the Northern sea route and the company is looking to ship oil to Asia and Europe. Trafigura completes the exit of its investment in Vostok Oil Singapore, 13 July 2022 Following a review of options in respect of its 10 percent non-operational, passive shareholding in Vostok Oil, Trafigura has now exited its investment. The project, apart from the two clusters includes the East Taimyr cluster and the Zapadno-Irkinsky block. The oil project, which is called the Vostok Oil mega project is located in Siberia and has resources estimated at 44 billion barrels in the Vankor and Payakha clusters. It is reported that the oil major is looking for capital from investors in exchange of oil supply contracts. Rosneft, the top oil producer of Russia is mulling to attract foreign oil investors for its major Far North oil project.
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