Trafigura has no immediate plans to exit multibillion-dollar Russian oil project

Pressure is mounting on international energy and commodity trading companies to quit Russia-linked business deals after Moscow's invasion of Ukraine. PHOTO: REUTERS
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SINGAPORE - Singapore-headquartered global commodities trader Trafigura has no immediate plans to divest its minority stake in a multibillion-dollar mega Russian arctic oil project backed by Russian President Vladimir Putin, an industry source familiar with the matter told The Straits Times.

The Vostok oil project, in which the independent trading house has a 10 per cent stake, is one of Russia's biggest oil projects, comparable in size to the exploration of West Siberia in the 1970s or the US Bakken oil region over the past decade. The project cost is estimated to be US$140 billion (S$190 billion), according to consultancy Rystad Energy.

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