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
New: Gift this subscriber-only story to your friends and family

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.

Already a subscriber? 

Dive deeper at $0.99/month

Want more exclusives, sharp insights into what's happening at home and abroad? Subscribe to stay informed.

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • 2-week e-paper archive so you never miss out on any topic that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.