Global commodities trader Vitol has divested its stake  in Russia’s Vostok Oil to Dubai-based trader Fossil Trading.

Vostok Oil is led by the Russian energy major Rosneft. Financial terms of the deal were not disclosed.

In a press statement, Vitol said: “The divestment, which was agreed in July 2022, subject to conditions precedent, has been finalised following the completion of all legal formalities.”

Vitol and its consortium partner Mercantile & Maritime Group acquired a 5% stake in Vostok for $4bn in 2021.

Rosneft’s subsidiary RN-Trade owns a 85% interest in Vostok Oil.

As part of the Vostok Oil project, Rosneft initiated the development of the oil and gas fields in Taimyr in 2020. These fields cover 52 licensed areas in the north of the Krasnoyarsk Territory.

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The areas encompass the Vankor, Tagul, Suzun, and Lodochnoye fields, as well as the new fields of Payakha and Zapadno-Irkinskoye, according to Interfax.

Rosneft has set a target to supply 30 million tonnes of oil from Vostok Oil in 2024 via the Northern Sea Route.

In July 2022, Singapore commodity firm Trafigura divested its 10% stake in Vostok Oil to Hong Kong-based independent trader Nord Axis for an undisclosed sum.

The transaction included Trafigura’s 10% non-operational and passive shareholding in Vostok Oil and the associated non-recourse bank debt.

The sale follows sanctions imposed by Western nations on Russia for its invasion of Ukraine, reported Reuters.