• 2021 June 11 10:29

    Rosneft agrees heads of terms to sell a stake in the Vostok Oil Project to a consortium of Vitol and Mercantile & Maritime

    It is expected to be closed after the parties receive the required regulatory and corporate approvals

    Rosneft and a consortium of Vitol S.A. and Mercantile & Maritime Energy Pte. Ltd. (hereinafter, the Consortium) signed heads of terms for a transaction providing for the sale of a 5% stake in the authorized capital of OOO Vostok Oil.

    The agreement confirms the Consortium's intention to acquire a stake in the Vostok Oil Project and sets out the main terms of the transaction. It is expected to be closed after the parties receive the required regulatory and corporate approvals.

    Lack of investment in the oil industry, as well as the growth of the world's population and its prosperity, boost the demand for energy resources whereby new types of projects are more and more sought after. Vostok Oil is a project with low cost per barrel of production, with a carbon footprint 75% lower than other major new oil projects in the world.  Its resource base is over 6 billion tons of premium low-sulfur crude which has a uniquely low sulfur content, 0.01-0.04%. The high quality of feedstock does not require separate installations at the refineries which will significantly reduce greenhouse emissions of the project.

    The opportunity of commodities supply in two directions at once, to European and Asian markets, is a logistic advantage of Vostok Oil.

    In commenting the document signed, Rosneft Chief Executive Officer Igor Sechin said: “The agreement is based on our successful long-term cooperation with Vitol and Mercantile & Maritime. The resource potential of the Vostok Oil Project, the high quality of oil and its economic model make the project one of the most attractive targets for investment in the global energy industry, which is confirmed by the strong interest of large world companies in it and the estimates of leading investment banks. Definitely, the project is interesting to the companies focused on feedstock supply, trading and logistics with an extensive client base and distribution channels around the world, those that consider the future need for "green" oil supply. We intend to further strengthen our cooperation with Vitol and Mercantile & Maritime which includes the Vostok Oil Project.

    Environmental friendliness is an important component of the Vostok Oil Project. The deployment of advanced environment protection technologies is envisaged already at the design stage of the project, from well drilling to special design of oil pipelines and tankers, which will be used for oil export.

    In 2020, Rosneft commenced full-scale development of the project's fields; a 10% stake in it was acquired by the large international trader Trafigura.

    Operations at the Vostok Oil Integrated Project have achieved an active preparatory phase: design and survey work is being performed for high-priority facilities, and experienced highly qualified EPC contractors have been selected for technologically complex facilities.

    During the XXIV St. Petersburg International Economic Forum, Rosneft signed over 50 contracts for the project implementation totaling RUB 558.8 billion.

    Among other things, contracts were signed for the construction of the first phase of power supply for the project, expansion of the oil terminal in Sever Bay Port and construction of hydraulic structures.

    The agreement signed with TMK Group on the integrated supply of metallurgical products and the provision of related services will reduce the negative effect of price volatility and contribute to the timely and efficient completion of the project.

    High logistics efficiency of the project will be attained through the agreement with Norilsk Nickel on the shared use of the airport infrastructure owned by this mining and metallurgical company and the creation of a service center for aircraft maintenance. Contracts intended to provide the project with special and road-building equipment were signed.

    Contracts were also concluded to localize the production of drill bits and high-tech equipment for directional drilling.

    The efforts made by the Company on the Vostok Oil Project will create a significant multiplier effect, ensure high profitability and meet the growing demand of the world economy for environmentally friendly energy resources.




2021 September 26

17:45 USCG, Japanese navy conduct exercise near Dutch Harbor
14:51 Hidden Gem’ arrives in Rotterdam to be transformed into nodule collection vessel for The Metals Company
13:21 LR projects win funding to accelerate research into maritime decarbonisation
12:28 ESVAGT takes delivery of third newbuilt SOV vessel
11:07 ABS Awards AIP to Ned Project’s wind turbine installation vessel design

2021 September 25

15:03 Rolls-Royce and Sanlorenzo add new dimension to partnership with mtu engines and integrated bridge solutions
13:27 JAX LNG and TOTE complete first renewable LNG bunkering in the United States
12:41 Babcock cuts steel for Royal Navy’s Type 31 frigate HMS VENTURER at Rosyth
11:37 Höegh LNG Partners LP announces a new long-term FSRU contract for the Höegh Gallant
10:52 MYCRANE set to launch in four more countries as franchisees are appointed

2021 September 24

18:16 ABS and HHI design optimized LNG carriers
17:59 Admiralteyskie Verfi shipyard launches the Kapitan Martynov freezer trawler
17:55 Italian terminal operator orders two Konecranes Gottwald Mobile Harbor Cranes
16:12 Three Finnish icebreakers return to service after being repaired at Turku Repair Yard
15:03 Maersk invests in electrofuels startup company
14:40 International conference “Inland waterways: strategic potential for growth” focused on INFUTURE project was held on September 20
14:13 Dredge spoil disposal system planned for fairway deepening project
13:57 LAS Vice Admiral Kulakov went to the Atlantic
13:33 Wärtsilä ensures optimal performance and minimal carbon footprint for world’s most environmentally friendly ferry
13:09 Wan Hai Lines holds online ship naming ceremony for new vessels
12:38 Sredne-Nevsky Shipyard launched unmanned research ship Pioner-M
12:10 Record mid-year cargo volumes through the Port of Vancouver in 2021
11:46 SCF Group wins sci-tech award for development in Arctic exploration
11:02 Rolls-Royce and Overmarine continue cooperation with future-oriented mtu technologies
10:07 Tallink Grupp secures another short-term charter deal for vessel Silja Europa
09:59 MPA, SSA and GCNS sign MoU to raise carbon accounting capabilities amongst maritime companies in Singapore
09:41 MABUX: Global Bunker Market may continue firm upward trend on Sept 24
09:24 Crude oil prices continue increasing
09:09 Baltic Dry Index as of September 23

2021 September 23

18:05 Maersk calls Jafza home for its first Warehousing & Distribution facility in the UAE
17:25 GTT and Deltamarin receive AiP from American Bureau of Shipping for their new design applied for LNG fueled tanker
17:05 LR grows fleet optimisation offering with GreenSteam acquisition
16:25 The Port of Rotterdam Authority helps German DeltaPort to be a regional hydrogen hub
16:15 Panama Canal joins to the Call to Action for Shipping Decarbonization
15:39 Dry cargo vessel of RSD59 design, Alexander Ivanov, leaves for sea trials
15:21 ABS grants AIP for next generation liquified CO2 carrier JDP designs
15:05 Synergy Group to take over Maersk Tankers’ technical management business
14:37 DNV and LISCR award AiP to HHI for 40,000 CBM liquefied CO2 carrier design
14:17 Kaliningrad region and FESCO to cooperate in the field of logistics
13:48 Damen can build icebreaking ships for Russia’s Arctic projects within short timeframes
13:25 Sweden’s largest port solar cell system inaugurated at Stockholm Norvik Port
13:15 MABUX: Bunker Weekly Outlook, Week 38, 2021
12:56 Keel-laying of Damen tug series for Atomflot held in Saint-Petersburg
12:51 MSC invests in new efficiency solution to reduce emissions from fleet
11:00 13th Annual Capital Link Shipping & Marine Services Forum took place with great success on September 13, 2021
11:00 Rolls-Royce and Sea Machines sign partnership to cooperate on smart ship and autonomous ship control solutions
10:34 APM Terminals partners with Siemens for energy optimisation and emission reduction at terminals
09:58 Torqeedo and Fassmer Shipyard announce the CIT-E Ferry - a passenger ferry for public transport
09:46 MABUX: Global Bunker Market may demonstrate firm upward evolution on Sept 23
09:29 Crude oil prices continue increasing
09:14 Baltic Dry Index as of September 22

2021 September 22

18:05 ClassNK joins as signatory to Call to Action for Shipping Decarbonization
17:47 Localization level of LK-60 icebreakers estimated at 92% in finance terms
17:20 Torvald Klaveness joins over 150 industry leaders and organizations in call for decisive government action to enable full decarbonization of international shipping by 2050
16:55 SC Zvezda counts on signing contracts for 10 tankers under Vostok Oil project in October 2021
16:31 Transition to unmanned navigation and navigation with reduced crews will be possible in Russia in three years
16:30 LR, HHI and KSOE sign MoU to develop digital twin technology for an LNG carrier
16:10 APM Terminals Pipavav marks 1,000 days of safe operations
15:39 Wärtsilä and SHI agree to collaborate on ammonia fuelled engines for future newbuilds
15:14 NAVTEK proves first zero-emissions tugboat performance