Date: 28 October 2021

Rosneft, Vitol Deepen Their Cooperation

Trading firm Vitol closed a deal to buy large supplies of crude oil from Russia’s biggest oil firm Rosneft. The Russian giant signed a preliminary agreement to sell a 5 percent stake in Vostok Oil to a consortium that includes Vitol and planned to finalize the deal this fall.


The Dutch energy trader (crude oil, coal, natural gas) started to receive oil from Rosneft under a new term contract. In September, it signed a deal to buy 9 million tons of Russian crude each year. That is equivalent to 180,000 barrels per day (bpd). The new deal with Rosneft is the first for Vitol in eight years after its previous five-year supply agreement with the Russian state oil company was signed in 2013. The annual supply volume under the new agreement is more than twice as high as the deal back in 2013, when Vitol struck a deal to purchase 20 million tons of oil from Rosneft over five years. Vitol will load oil from Baltic ports, the Black Sea port of Novorossiisk, and Kozmino port in the Sea of Japan. In June, Vitol and Mercantile & Maritime announced an agreement to buy 5 percent in Rosneft’s Vostok Oil giant project. The deal is yet to be finalized this fall. Trafigura, another global trader and a long-standing partner of Rosneft, bought a 10 percent stake in Vostok Oil for $8.1 billion earlier this year. Rosneft has said it is in talks with other big investors about joining Vostok Oil, one of Russia’s biggest oil projects, comparable in size with the exploration of West Siberia in the 1970s or the U.S. Bakken region in the past decade.

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TAGS: migration crisis, NATO, Belarus, Russia


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