Singapore commodity firm Trafigura has offloaded its 10% stake in Russia’s Vostok Oil to Hong Kong-based independent trader Nord Axis, for an undisclosed sum.

In March 2022, The Wall Street Journal reported that the firm was reviewing its stake in Russia’s publicly traded petroleum company Vostok Oil, following Moscow’s invasion of Ukraine.

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The latest transaction included Trafigura’s 10% non-operational and passive shareholding in Vostok Oil, a massive Arctic oil project in Russia, and the associated non-recourse bank debt.

Trafigura acquired a 10% stake in Vostok Oil for €7bn from Russia’s Rosneft in 2020. The deal also included a long-term oil offtake agreement.

In June, Interfax reported that Trafigura stopped all crude oil trading with Russian firms hit by sanctions prior to the planned further sanctions by the European Union.

At that time, Trafigura was quoted by the Russian news agency as saying: “Trafigura will continue to comply in full with all applicable subsequent sanctions packages. In addition, the group froze its investments in Russia and announced a review of its 10% non-operational, passive shareholding in Vostok Oil, with the intention of exiting.”

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Rosneft’s subsidiary RN-Trade owns a 85% interest in Vostok Oil while a consortium of Vitol and Mercantile & Maritime Energy owns a 5% interest.

As part of the Vostok Oil project, Rosneft started the development of the oil and gas fields in Taimyr in 2020. These assets cover 52 licensed areas in the north of the Krasnoyarsk Territory.

The areas encompass the Vankor, Tagul, Suzun, and Lodochnoye fields, as well as the new fields of Payakha and Zapadno-Irkinskoye, according to Interfax.

Rosneft aims to supply 30 million tonnes of oil from Vostok Oil in 2024, via the Northern Sea Route.