Switzerland’s Vitol sells stake in large Russian Arctic oil challenge

Swiss-based Vitol has offered its stake in Rosneft’s Vostok oil challenge to a Dubai firm. (Dado Ruvic / Illustration / Reuters File Picture)

LONDON — International commodities dealer Vitol has offered its curiosity within the large Vostok Oil challenge within the Russian Arctic, led by the Kremlin-controlled vitality main Rosneft, to Dubai-based dealer Fossil Buying and selling, Vitol stated final week.

It didn’t disclose different particulars of the transaction. Vitol had purchased 5 p.c of Vostok with its accomplice, Mercantile & Maritime Group, in 2021 for $4 billion.

The sale follows a divestment by rival dealer Trafigura of a ten p.c stake in Vostok earlier this 12 months following Western-led sanctions on Russia for its invasion of Ukraine.

Rosneft is main the Vostok challenge that’s comparable in dimension with the exploration of West Siberia within the Nineteen Seventies or the U.S. Bakken oil area over the previous decade.

Dubai-based Fossil Buying and selling is the mother or father firm of Geneva-based Energopole SA, in accordance with the web site of Energopole.

Rosneft stated earlier this 12 months that Energopole was its wholy-owned subsidiary. It wasn’t clear, nevertheless, what was the connection between Rosneft, Energopole and Fossil Buying and selling on the time of the transaction with Vitol.

Vitol declined additional remark. Rosneft, Energopole and Fossil Buying and selling weren’t instantly obtainable for remark.

Reporting by Dmitry Zhdannikov.