Rosneft Seeks New Partners

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Rosneft said it is still looking for new partners for its Vostok Oil megaproject, in which international traders have already agreed to acquire 15%. First Vice President Didier Casimiro said negotiations to join the onshore Russian Arctic project are continuing with three groups, including traders, international oil companies (IOCs) and "national champions." Indian companies belong to the last category, he said. Casimiro said the sale of a 5% stake to a consortium of Vitol and Mercantile & Maritime Energy would be finalized in the fall (NC Jun.17'21). Rosneft sold 10% in Vostok to international commodity trader Trafigura for for €7.3 billion ($8.6 billion) at the end of last year. Rosneft aims to reduce its interest to a controlling 51%. Energy Intelligence understands that by IOCs, Rosneft could mean its 19.75% shareholder BP. It could be tricky for the international major to invest in the project under its carbon neutrality goals. Some experts also note that the price Rosneft is seeking is too high for BP.

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