KEYFACT Energy
Vitol has divested its interest in a giant Russian project, Vostok Oil, led by the Kremlin-controlled energy major Rosneft. The Vitol led consortium (a joint venture with the Mercantile & Maritime Group) through which the interest was held has completed the sale of its shareholding to Fossil Trading, FZCO, for an undisclosed sum.
The divestment, which was agreed in July 2022, subject to conditions precedent, has been finalised following the completion of all legal formalities.
The sale follows a divestment by rival trader Trafigura of a 10% stake in Vostok earlier this year following Western-led sanctions on Russia for its invasion of Ukraine.
KeyFacts Energy Industry Directory: Vitol