Trafigura sells 10% of Vostok Oil to Hong Kong’s Nord Axis Limited

Moscow. July 13. INTERFAX.RU – Trafigura has sold its 10% stake in the Vostok Oil project to an independent trading company registered in Hong Kong, Nord Axis Limited.

The deal, which included a loan secured by collateral, was completed on July 12 at an undisclosed sale price, the Swiss company said.

Rosneft in 2020 began large-scale development of fields in Taimyr as part of the Vostok Oil project. This includes NK assets in the north of the Krasnoyarsk Territory – 52 licensed areas, including the Vankorskoye, Suzunskoye, Tagulskoye, Lodochnoye fields, as well as new fields – Payakhskoye (with reserves of more than 1 billion tons of oil) and Zapadno-Irkinskoye (0.5 billion tons oil). The potential for production of liquid hydrocarbons there may amount to 115 million tons per year. Rosneft promised to ship 30 million tons of oil from Vostok Oil via the Northern Sea Route in 2024.

The Trafigura stake was listed in the Swiss Seabee Enterprise Sarl, it was bought from Rosneft in 2020 for 7 billion euros. In addition, a consortium of Vitol SA and Mercantile & Maritime Energy Pte. Ltd. (75% – Vitol, 25% – MME) the Russian oil company sold 5% of the project for 3.5 billion euros, they are listed on Amur Investments. The remaining 85% of Vostok Oil is owned by Rosneft’s subsidiary, RN-Trade LLC.