Russia’s energy projects have faced unprecedented technological and logistics pressures as international companies turned away amid sanctions and self-imposed restrictions on working with the country.īP, the largest foreign shareholder of Rosneft, announced its intention to sell a 19.75% stake in Rosneft in February. “As oil and gas investment shrink, Vostok Oil is the only project in the world that is capable of stabilizing the hydrocarbon market,” Sechin said. That would be equivalent to more than 20% of Russia’s oil production last year. For decades, these firms have sourced much of their oil from Russia. It may pump as much as 115 million tons a year, or 2.3 million barrels a day, by 2033, according to Sechin. Trafigura is one of a handful of companies in Switzerland that handles about a quarter of the world's oil each day. The project includes several fields on the Arctic Taymyr peninsula and is scheduled to start production in 2024.
A consortium of Vitol Group and Mercantile & Maritime bought 5% of Vostok Oil in 2021, with Rosneft raising 3.5 billion euros from the agreement. Trafigura agreed to acquire its holding in Vostok Oil for 7 billion euros ($8.5 billion) in December 2020, a deal that valued the whole project at $85 billion.
“We’re fully confident that all tasks will be completed.”Ĭommodities trader Trafigura Group announced this month that it intends to sell its 10% stake in Vostok Oil, joining an exodus by other major western energy firms including BP Plc and Shell Plc from projects in Russia in response to President Vladimir Putin’s war in Ukraine. “The project continues to live and develop as planned, we are overcoming inevitable difficulties,” Sechin told a panel Saturday at the St. With over 1,000 shareholders, Trafigura is owned by its employees and employs over 13,000 people working in 48 countries.(Bloomberg) - Russia’s Rosneft PJSC is proceeding with its flagship Vostok Oil project in the Arctic, Chief Executive Officer Igor Sechin said, just over a week after a key partner announced it’s exiting the development over the invasion of Ukraine. Trafigura also owns and operates a number of industrial assets including a majority share of global multi-metals producer Nyrstar and fuel storage and distribution company Puma Energy and joint ventures Impala Terminals, a port and logistics provider, and Nala Renewables, a power and renewable energy investment and development platform. Through our Oil & Petroleum Products, Metals and Minerals, and Power and Renewables divisions, we deploy infrastructure, skills and a global network to move commodities from where they are plentiful to where they are needed most, forming strong relationships that make supply chains more efficient, secure and sustainable. At the heart of global supply, Trafigura connects the world with the vital resources it needs. Trafigura Press Office: +41 (0) 22 592 45 28 or to editorsįounded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. We are now reviewing the options in respect of our passive shareholding in Vostok Oil in which we have no operational or managerial input. Trafigura does not operate any assets in Russia and we have no directors or corporate officers in any external Russian entity.įollowing news of the terrible violence being inflicted, we immediately froze our investments in Russia. The Trafigura Foundation is supporting charities providing aid to refugees from Ukraine. We are actively assisting our staff in Ukraine and their safety and security is our utmost priority. Ukraine is a country where Trafigura operates an office with a number of full-time staff. Singapore, 2 March 2022 - Trafigura unconditionally condemns the war, the violence in Ukraine and the humanitarian crisis this is causing.
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