Rosneft holds talks with global traders, India and China on Vostok Oil project

Rosneft has held talks with international traders as well as big global oil consumers such as India and China about their possible participation in its massive Vostok Oil project, the Russian energy giant said on Friday.

Vostok Oil is one of Russia’s biggest oil projects, comparable in size with the exploration of West Siberia in the 1970s or the U.S. Bakken oil province over the past decade.

Reuters reported last month that Rosneft was courting investments from global trading houses to help develop Vostok Oil after trading house Trafigura secured a 10% stake in the project.

Rosneft said it sold the stake to Trafigura for 7 billion euros ($8.5 billion) in the project, which is expected to start shipping oil via the Northern Sea Route in the Arctic in 2024.

Didier Casimiro, Rosneft’s first vice president, told a conference call with investors that the company has been in the discussions with international traders and consumers. He did not identify the traders.

Another company manager said that Vostok Oil could become the world’s largest producer of liquefied natural gas with annual output of around 50 million tonnes at around 2030.

ET Energy World
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