Trafigura has completed the exit of its investment in Vostok Oil project in Russia.
‘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 company said in a statement.
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.
Vostok Oil project includes the Vankor cluster consisting of 15 oil fields, the Wesy Irkinsky area, the Paiyakha field group, and the East Taimyr cluster.
The resource potential of the project is estimated to exceed 5 bn tons of light low sulphur oil of better than Brent quality. The potential annual market supply is expected to make 25 mn tons in 2024, 50 mn tons in 2027 and up to 115 mn tons by 2030.