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Rosneft sells 10% stake in Vostok Oil to Trafigura for an undisclosed price

Rosneft sells 10% stake in Vostok Oil to Trafigura for an undisclosed price

Moscow, November 19 - Neftegaz.RU. Rosneft´s board of directors approved on November 16 the sale of a 10% stake in the Vostok Oil venture in the Russian Arctic to Trafigura PTE LTD.

Singapore-based Trafigura trade oil and petroleum products, non-ferrous concentrates, refined metals, and bulk commodities such as coal and iron ore. Trafigura´s strong commercial links with Rosneft developed over several years and helped the company to expand its traded volumes of crude and refined products.

After the U.S. slapped in February 2020 sanctions on Rosneft Trading, Trafigura has announced that it will disentangle itself from the sanctioned company by mid-May to avoid running afoul of US sanctions itself.

On 18 November, the stocks of Rosneft at Moscow Exchange improved by 4,61% from its previous closing, hovering at around RUB 459,1 at 15:10 PM.

At the meeting, Rosneft's Board of Directors also reviewed the progress of the Vostok Oil project. The proven resource base of the Project for liquid hydrocarbons is 6 billion tonnes (44 billion barrels).

Over 20,000 production and injection wells are to be drilled under the Vostok Oil project. Based on the results of tender procedures, the Board of Directors approved a long-term contract for supply of 100 drilling rigs designed for operation in the Far North.

Vostok Oil links some of the company's vast resources with the Northern Sea Route - a development priority for Russia that ships to both European and Asian markets.

Russia is pushing for greater development of the Arctic despite high costs, difficult weather conditions, ecological concerns, and sanctions targeting some oil production there. Earlier this year Russian President Vladimir Putin approved tax exemptions to stimulate Arctic upstream oil and gas development.

To read the full story in Russian.

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