Trader Vitol Sold Its Stake in Russia’s Vostok Oil Project (2)

Vitol Group and partner Mercantile & Maritime have sold their joint stake in Russia’s flagship Vostok oil project for an undisclosed sum to Fossil Trading FZCO.

The two companies last year partnered to pay €3.5 billion ($3.7 billion) for 5% of Vostok, a vast project spearheaded by state champion Rosneft PJSC. The sale was agreed in July, subject to conditions, and has now been finalized, Vitol said, without providing further details.

Rosneft had joined forces with international traders to help fund the ambitious Arctic venture, which before Russia’s invasion of Ukraine was valued at $85 billion. But the attack ...