Rosneft signed an agreement to sell a 5% stake in Vostok Oil to a consortium of Vitol and Mercantile & Maritime. The agreement confirms the consortium’s plans to purchase a stake in the project “and sets out the main terms of the deal,” says a press release from Rosneft. The specific terms of the agreement are not provided. The company added that the deal will be closed after the parties receive the necessary regulatory and corporate approvals.

Vostok Oil is a project for the development of oil fields. As of April, it included 52 license areas. The project should combine the fields of the Vankor cluster (Vankorskoye, Lodochnoye, Suzunskoye and Tagulskoye fields) of Rosneft with the Payakhskoye field (owned by Eduard Khudainatov’s Neftegazholding) in Taimyr and transport the produced oil along the Northern Sea Route using tankers.

As Kommersant reported, in December 2020, Rosneft offered a consortium of Indian state-owned companies, which owns 49.9% of the Vankor field, to contribute this asset to the Vostok Oil project in exchange for a minority stake in it. In May 2021, Rosneft announced that it expects a new partner in the project.

Read about the partners of Rosneft in Vostok Oil in the material of Kommersant, Taimyr and His Team.