Vitol Advances With Sale of Russian Oil Project Vostok Stake (1)

Vitol Group, the world’s largest independent oil trader, is proceeding with a plan to exit Russia’s giant Vostok Oil project.

“Vitol has agreed to sell its shares and is in the process of completing the legal formalities necessary to complete this transaction,” the company said in a statement on Thursday, without mentioning the potential buyer.

The firm is part of a consortium with fellow trader Mercantile & Maritime Energy Pte that bought 5% stake of Vostok for 3.5 billion euros ($3.57 billion) last year. The purchase was originally meant to provide the traders, along with fellow investor Trafigura Group ...