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

MOSCOW. July 13 (Interfax) - Trafigura has sold its 10% stake in the Vostok Oil project to Nord Axis Limited, an independent trader based in Hong Kong.

"Trafigura's shareholding in Vostok Oil, including the associated non-recourse bank debt, have been acquired by Nord Axis Limited, an independent Hong Kong registered trading company. The transaction completed on July 12, 2022 for an undisclosed price," Trafigura said in a press release.

Rosneft began largescale development of fields in Taimyr as part of the Vostok Oil project in 2020, including the assets of 52 licensed areas in the north of the Krasnoyarsk Territory. The areas comprise the Vankor, Suzun, Tagul, and Lodochnoye fields, as well as the new fields of Payakha, with reserves of more than 1 billion tonnes of oil, and Zapadno-Irkinskoye, with reserves of 0.5 billion tonnes oil. The potential for the production of liquid hydrocarbons could reach 115 million tonnes per year, and the company estimates the resource base at over 6 billion tonnes of liquid hydrocarbons. Rosneft has promised to ship 30 million tonnes of oil from Vostok Oil via the Northern Sea Route in 2024.

A 10% stake in Vostok Oil was owned by Swiss-based CB Enterprises Sarl - the stake was owned by Trafigura and was purchased from Rosneft in 2020 for 7 billion euros. In addition, the Russian company sold 5% of the project to a consortium of Vitol S.A. and Mercantile & Maritime Energy Pte. Ltd., 75% controlled by Vitol and 25% by MME, for 3.5 billion euros - this is owned by Amur Investments. The remaining 85% of Vostok Oil is owned by Rosneft's subsidiary, RN-Trade LLC.