According to plans, this should rise to 50 million tons during the second phase of the project, or 1 million bpd, and 100 million tons during its third phase, or 2 million barrels daily. Vostok Oil is scheduled to be pumping some 600,000 bpd by 2024, or a total of 30 million tons by that year. Vostok Oil has been touted by Rosneft’s Igor Sechin as one of the company’s “large projects which are low cost, high-margin, with high-quality resources and a low carbon footprint.” Geneva-based Trafigura, which along with Vitol was one of the biggest lifters of Russian oil before the war, is not in the top 10 but has also continued to buy some refined fuels. Reports from January had it that the Russian state giant was also negotiating with Trafigura’s peers-Gunvor, Glencore, and Vitol-to also participate in the project. Commodity trading major Trafigura said last December it had acquired a 10-percent stake in the project, getting access to high-quality crude oil resources from a major new onshore oil-producing region in Siberia’s Taymyr province. This is yet not the first foreign-made investment in Russia that was financed by a consortium of Russian banks. The country exported 228 Mt of oil (-3%).Because of the massive cost of Vostok Oil’s development, Rosneft has been looking for foreign partners. Vostok Oil, in which global commodities trader Trafigura has a 10 stake, is one of Russias biggest oil projects, comparable in size with the exploration of West Siberia in the 1970s or. Back in January 2021, Bloomberg reported that Trafigura’s acquisition of the Vostok Oil stake had been funded by a 5.775 billion-euro loan. Sustainability / 16-02-21 / by Felix Thompson.
In 2021, Russia produced 523 Mt of crude oil and NGL (+2% compared to 2020). Trafigura vows to slash CO2 emissions with sustainability-linked RCF, but oil activities business as usual. In November 2021, a consortium led by Vitol, a Dutch energy trader, bought a 5% stake in the project. (Reuters) - Global commodities trader Trafigura’s purchase of a 10 stake in Rosneft’s Vostok Oil project in the Arctic was funded by a 7 billion loan from a Russian bank, Bloomberg News. Trafigura sold its stake in the project to Nord Axis (Hong Kong) in July 2022. It is reported that the company will offer traders stakes in Vostok Oil and future oil supply for immediate contracts. Currently, Rosneft is in talks with major oil traders such as Glencore, Vitol and Gunvor for investments in the Vostok Oil project. At the end of 2020, the commodity trading company Trafigura acquired a 10% stake in the project. The deal will also allow Trafigura to offtake crude oil supply on a long-term basis. Output at Vostok should amount to about 100 Mt/year by 2030. Its resource base exceeds 6 Gt of crude oil. The deal size was not disclosed in the official statement.
#VOSTOK OIL TRAFIGURA LICENSE#
The Vostok oil project comprises 52 license areas with 13 oil and gas fields located within their boundaries, including Vankor, Suzun, Tagul, and Lodochnoe fields. Ending ties with Russias Rosneft, Trafigura sells Nayara stake to Hara Capital Sarl. The Bukhta Sever port is expected to become the largest oil terminal in the country with 102 reservoirs to be built by 2030. The company intends to transship 30 Mt/year (600 kb/d) of oil via the port with a gradual increase to 100 Mt/year by 2030. Ukraine is a country where Trafigura operates an office with a number of full-time staff. The Russian oil company Rosneft has started building an Arctic oil terminal at the Bukhta Sever port, part of its Vostok oil project, aimed at facilitating development of the Northern Sea Route. Trafigura statement regarding the war in Ukraine Singapore, 2 March 2022 - Trafigura unconditionally condemns the war, the violence in Ukraine and the humanitarian crisis this is causing.
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