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Trading giant Trafigura has sold its 10% stake in Rosneft's Vostok oil project in the Russian Arctic to an obscure Hong Kong oil trading firm. Trafigura said the deal was completed on Jul. 12, but it did not disclose the proceeds. Rosneft declined to comment on the transaction. Market sources said the buyer, Nord Axis, was established only five months ago and does some niche trading in refined oil products in Russia's Black Sea region. State-controlled Rosneft — Russia's biggest oil producer — has previously touted Vostok Oil as a major growth project that was supposed to produce more than 2 million boe/d from a group of onshore fields by the early 2030s. Singapore-based Trafigura acquired its interest in Vostok in late 2020 for €7 billion — worth around $9 billion at the time — putting up €1.5 billion of its own cash, and funding the remainder via a €5.8 billion syndicated loan. Trafigura said Nord Axis will take on all non-recourse bank debt as part of the purchase. Nord Axis could not be reached for comment.

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