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  • 2021 October 15 09:51

    Rosneft sells 5% in Vostok Oil to a consortium of Vitol and MME

    Rosneft and a consortium of Vitol S.A. and Mercantile & Maritime Energy Pte. Ltd. (75% - Vitol, 25% - MME) have closed a deal to sell a 5% stake in the authorized capital of Vostok Oil LLC, Rosneft says in a press release.

    The deal was approved at a meeting of the Rosneft Board of Directors. In accordance with the legislation of the Russian Federation, the approval of the Federal Antimonopoly Service (FAS) of Russia is not required when making a transaction.

    Low unit lifting costs along with the low carbon footprint, the scale of which is 75% less as compared to that of other major petroleum projects around the world, make Vostok Oil one of the most promising oil production project in the world.  Amid a progressive growth of global economy, the current shortage of investments into the petroleum industry results in a higher demand for energy sources and necessitates implementation of novel-type projects, thus making Vostok Oil especially relevant. 

    The resource base of the project exceeds 6 billion tons of premium-quality sweet crude with a record low sulfur content of 0.01-0.04%. The high quality of raw materials minimizes the need of using dedicated sulfur units at refineries, which, in turn, helps significantly reduce project's greenhouse gas emissions. The energy for Vostok Oil is expected to be supplied mainly via using assotiated pteroleum gas and wind generation.

    The plan is that by 2030 the oil production at Vostok Oil will make up to the tune of 100 million tons. Vostok Oil has a logistical advantage of supplying raw products produced at its fields in two directions at once, to European and Asian markets.

    Commenting on the signing, Rosneft Chief Executive Officer Igor Sechin said: "We are glad that consortium of Vitol and Mercantile & Maritime Energy has joined our flagship project. Vostok Oil has a sustainable economic model, which received positive assessments of international experts.  Logistical advantages, vast resource potential, and high quality of oil, make Vostok Oil one of the most attractive investment projects in the global energy sector.  This fact is confirmed by world's leading traders Trafigura and Vitol participating in the project, which will give them access to "green barrels" of Vostok Oil. The Company continues its active work towards implementation of the Vostok Oil Project.

    The Vostok Oil Project comprises 52 license areas with 13 oil and gas fields located within their boundaries, including those developed with participation of the Indian partners: Vankor, Suzun, Tagul, and Lodochnoe fields, and also some new promising and unique in terms of their reserves fields: Payakhskoe and Zapadno-Irkinskoe.

    At the end of 2020, the major international trading company Trafigura acquired a 10-percent stake in the project.

    In 2020, Rosneft got down to large-scale development of the project's fields. Aiming to implement the project, the Company signed contracts in June 2021 to a total of about 560 billion rubles to construct first-priority facilities, set up the power supply system, ensure aviation support, provide services, supply equipment, materials, special-purpose vehicles, tubular products for the project.  

    In August, Rosneft commenced autumn navigation on the River Yenisei to deliver cargoes to Vostok Oil sites.  The plan is to supply 150 thousand tons of various cargoes to Taymyr bases until the end of the river navigation period.




2021 December 2

18:36 NRP buys handysize drybulk carrier
18:06 2M Alliance’s Far East liner service „AE 7/Condor“ calls at Hamburg again
17:54 Icebreaker assistance season starts in Big Port St. Petersburg on December 7
17:36 Vitol is first customer to approve completely digital inspection of cargo tanks
17:15 BIMCO launches new contract for employment of security escort vessels
16:45 GTT will design the tanks of four new LNG carriers ordered by Daewoo Shipbuilding & Marine Engineering to operate in Arctic waters
16:25 MOL announces delivery of next-generation coal carrier 'EeneX' series
16:05 PSA & ONE launch environmentally friendly barge service at Jurong Island Terminal
15:42 “K” Line conducts trial use of marine biofuel for decarbonization on car carrier
15:38 Wärtsilä wins order to supply cargo handling system for second LNG bunker vessel being built by Fincantieri Bay Shipbuilding
15:23 Verifavia launches industry’s first real-time carbon intensity indicator dashboard
14:55 Two more LK-60 icebreakers needed for regular year-round navigation on Northern Sea Route
14:28 Equinor and SSE reach financial close on the third phase of the world's biggest offshore wind farm
14:04 Nuclear-powered icebreaker Sibir to commence operation in Kara Sea in early January 2022 – Vyacheslav Ruksha
13:42 MABUX: Bunker Weekly Outlook, Week 48, 2021
13:02 European shipowners call for further action in the Gulf of Guinea
12:40 Rolls-Royce to supply eight mtu engines for new Svitzer tugs in Brazil
12:01 Throughput of Azov port in 11M’2021 climbed by 1% YoY
12:00 NORDEN simplifies business unit structure
11:36 Norway’s Eksfin tops NOK 10bn in offshore wind financing as Dogger Bank C reaches financial close
11:34 Annual throughput of Severnaya Zvezda project on Taimyr peninsula to exceed 7 million tonnes from 2026
11:10 MABUX: Uncertainty on Global bunker market to continue on Dec 02
10:00 Digital Twin Conference 2022 to be held virtually on 11-12 May 2022
09:33 Crude oil prices are rising in expectation of OPEC+ meeting
09:19 Baltic Dry Index as of December 1

2021 December 1

19:15 PortNews to hold Ship Repair, Modernization and Components Conference on 20 September 2022 in Saint-Petersburg
18:31 DP World celebrates 2,000 members of the Digital Freight Alliance
18:07 CMA CGM and Shell perform first Bio-LNG bunkering operation in Rotterdam
17:42 8 new fuel-efficient ships to join the X-Press Feeders fleet
17:26 Danish Smyril Lines Cargo starts second service between Iceland, the Faroe Islands and Rotterdam
17:06 Port of Antwerp invests in digitalisation of radar infrastructure
16:47 Western Australia and Port of Rotterdam to collaborate on renewable hydrogen
16:05 IMO moves ahead on GHG emissions, Black Carbon and marine litter
15:50 Diana Shipping announces completion of OceanPal spin-off
15:41 RF Federation Council approves Federal Law on Ratification of Nairobi Convention
15:04 Yang Ming adds the latest of its 9th 11,000 TEU ship to the Trans-Pacific service
14:07 SEA-LNG backs Europe’s goal-based, technology-neutral regulation for cleaner shipping
13:50 Liepaja SEZ Board appointed Uldis Hmieļevskis, Deputy CEO, as Acting Manager
13:14 Rolls-Royce extends TBO intervals of mtu Series 4000 engines for commercial marine application
13:03 Oil shipments via CPC Marine Terminal in 11M’21 climbed by 0.7% YoY
12:56 Valenciaport tenders the drafting of the urban development project for areas 2 and 5 of the Special Plan for zone 1 south of the Port of València
12:06 Mostotrest conducted 2,177 operations on raising bridges in Saint-Petersburg over navigation season of 2021
11:45 MABUX: Bunker prices may continue to decline on Dec 1
10:49 Russian Railways' network loading climbed by 3.3% in 11M’2021
10:15 Maersk Customs Services USA highlights trends and opportunities for U.S. importers
09:51 Port of Kiel receives funding for digital test field
09:30 Crude oil prices start rising
09:16 Baltic Dry Index as of November 30

2021 November 30

18:35 ICS urges WTO Director General to prioritise maritime transport in multilateral trade negotiations
18:14 First phase of Tuas Port reclamation works completes
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17:35 HDB, JTC and MPA, which issue over two-thirds of government invoices, offer e-invoicing through IMDA’s InvoiceNow
17:04 DNV supports world first large-scale testing of submerged CO2 pipelines
16:48 RF Navy’s large anti-submarine ship Vice Admiral Kulakov enters Barents Sea
16:34 Brittany Ferries takes delivery of Salamanca
16:04 Port of Oakland total cargo volume down 20 percent in October 2021
15:50 RF Navy's corvette Gremyashchy and two submarines of Varshavyanka project welcomed in Vladivostok
15:39 Abbey Heimensen appointed to VP of Marketing, MarineMax
15:34 The Port of Barcelona validates its Innovation Plan
15:19 Icebreaker Sibir of Project 22220 completed main part of shipbuilder’s sea trials