Rosneft attracts second foreign partner to Vostok Oil project at same estimate as first one

By Karla Dicker - November 15, 2021

MOSCOW. Nov 12 (Interfax) – A second foreign partner has acquired a stake in the Rosneft Vostok Oil large-scale Arctic project at the same estimate as the first foreign partner, Rosneft said in a financial statement.

Rosneft in October announced that it had closed a deal with the Vitol S.A. (75%) and Mercantile & Maritime Energy Pte. Ltd. (25%) consortium on the sale of a 5% stake in the charter capital of Vostok Oil LLC, though the amount of the deal was not disclosed at the time.

Rosneft revealed the amount in its financial report released on Friday as being 3.5 billion euros, or 299 billion rubles at the exchange rate on the date of receiving the funds.

Consequently, the deal includes an estimate of 70 billion euros for the entire Vostok Oil project. International trader Trafigura at the end of 2020 at the same cost acquired a share of 10% for 7 billion euros in the project.

This article was originally posted on the website of Interfax.