• 2021 June 11 10:29

    Rosneft agrees heads of terms to sell a stake in the Vostok Oil Project to a consortium of Vitol and Mercantile & Maritime

    It is expected to be closed after the parties receive the required regulatory and corporate approvals

    Rosneft and a consortium of Vitol S.A. and Mercantile & Maritime Energy Pte. Ltd. (hereinafter, the Consortium) signed heads of terms for a transaction providing for the sale of a 5% stake in the authorized capital of OOO Vostok Oil.

    The agreement confirms the Consortium's intention to acquire a stake in the Vostok Oil Project and sets out the main terms of the transaction. It is expected to be closed after the parties receive the required regulatory and corporate approvals.

    Lack of investment in the oil industry, as well as the growth of the world's population and its prosperity, boost the demand for energy resources whereby new types of projects are more and more sought after. Vostok Oil is a project with low cost per barrel of production, with a carbon footprint 75% lower than other major new oil projects in the world.  Its resource base is over 6 billion tons of premium low-sulfur crude which has a uniquely low sulfur content, 0.01-0.04%. The high quality of feedstock does not require separate installations at the refineries which will significantly reduce greenhouse emissions of the project.

    The opportunity of commodities supply in two directions at once, to European and Asian markets, is a logistic advantage of Vostok Oil.

    In commenting the document signed, Rosneft Chief Executive Officer Igor Sechin said: “The agreement is based on our successful long-term cooperation with Vitol and Mercantile & Maritime. The resource potential of the Vostok Oil Project, the high quality of oil and its economic model make the project one of the most attractive targets for investment in the global energy industry, which is confirmed by the strong interest of large world companies in it and the estimates of leading investment banks. Definitely, the project is interesting to the companies focused on feedstock supply, trading and logistics with an extensive client base and distribution channels around the world, those that consider the future need for "green" oil supply. We intend to further strengthen our cooperation with Vitol and Mercantile & Maritime which includes the Vostok Oil Project.

    Environmental friendliness is an important component of the Vostok Oil Project. The deployment of advanced environment protection technologies is envisaged already at the design stage of the project, from well drilling to special design of oil pipelines and tankers, which will be used for oil export.

    In 2020, Rosneft commenced full-scale development of the project's fields; a 10% stake in it was acquired by the large international trader Trafigura.

    Operations at the Vostok Oil Integrated Project have achieved an active preparatory phase: design and survey work is being performed for high-priority facilities, and experienced highly qualified EPC contractors have been selected for technologically complex facilities.

    During the XXIV St. Petersburg International Economic Forum, Rosneft signed over 50 contracts for the project implementation totaling RUB 558.8 billion.

    Among other things, contracts were signed for the construction of the first phase of power supply for the project, expansion of the oil terminal in Sever Bay Port and construction of hydraulic structures.

    The agreement signed with TMK Group on the integrated supply of metallurgical products and the provision of related services will reduce the negative effect of price volatility and contribute to the timely and efficient completion of the project.

    High logistics efficiency of the project will be attained through the agreement with Norilsk Nickel on the shared use of the airport infrastructure owned by this mining and metallurgical company and the creation of a service center for aircraft maintenance. Contracts intended to provide the project with special and road-building equipment were signed.

    Contracts were also concluded to localize the production of drill bits and high-tech equipment for directional drilling.

    The efforts made by the Company on the Vostok Oil Project will create a significant multiplier effect, ensure high profitability and meet the growing demand of the world economy for environmentally friendly energy resources.




2021 June 23

17:41 Enstructure to acquire Patriot Ports, further expand southeast terminal network
17:29 FESCO and NFC Logistics to develop intermodal transportation to APR countries
17:12 Lyttelton Port Company orders more Konecranes Noell Straddle Carriers
16:55 Sea Port of Saint-Petersburg installs new fire protection equipment
16:33 WISP2 project launched to further improve performance predictions, rules and regulations for wind propulsion
16:18 MPC Container Ships ASA signs agreement to acquire Songa Container AS and operational update
16:00 Federation Council approves expansion of Saint-Petersburg city limits with new plots of land in the Gulf of Finland
15:44 First zero-emission, full-electric shunting locomotives for Port of Rotterdam in production
15:24 Port of Antwerp converts a tug to methanol propulsion – a world first
15:13 Vopak awarded contract for industrial terminal in China
15:01 Russia’s shipbuilding companies secured 480 orders for 100dwt and larger ships till 2025
14:50 Pecém Complex signs cooperation agreement with SOHAR Port and Freezone, in Oman
14:37 New AR glasses allow Yara Marine Technologies to provide remote service and training
14:34 Kalmar celebrates completion of its 3000th reachstaker at Shanghai manufacturing unit
14:19 Port of San Diego partners with Canada’s Ocean Supercluster
14:03 DNV adds new class for cloud-based simulation
13:48 Maersk Supply Service wins its largest project contract ever
13:27 Designing non-fossil fuelled, Ulstein X-BOW container vessel for EDGE Navigation
12:51 Ramphosa announces establishment of Transnet National Ports Authority
12:30 Navigation season opens at Provideniya, Anadyr and Egvekinot ports
12:17 Höegh accelerates decarbonisation with new industry leading vessels
11:21 The Port of Gothenburg will offer shoreside power for tankers from 2023
10:09 Albwardy Damen recognised as Best New Building Yard at ShipTek Awards 2021
09:55 Rosmorport completes work on preservation of structures at international maritime terminal under construction in Pionersky
09:32 Baltic Dry Index as of June 22
09:27 MABUX: Global bunker prices do not have any firm trend on Jun 23
09:19 Oil prices rise on reduction of US reserves

2021 June 22

18:37 K”Line participates in R&D and demonstration project for CO2 marine transportation
18:13 Finnish authorities actively using EMSA’s remotely piloted aircraft to support vital coast guard tasks over the Baltic Sea
18:01 Port of Gothenburg ready to enter into joint venture with Castellum
17:57 EMSA: EU ship traffic fell by 10% in 2020 due to the COVID-19 pandemic
17:34 Ecochlor completes all land-based and shipboard testing for EcoOne™ filterless BWMS
17:15 Huntington Ingalls Industries announces first international order for REMUS 300 UUVs
17:00 Deepwater Container Terminal secured by Polish Prime Minister
16:14 New vessel brings Furetank to the UN 2050 climate goal
15:50 RF Navy ships arrive in Saint-Petersburg for IMDS-2021
15:27 Optimarin expands BWTS service offering for smart maintenance
15:14 China ports container volume rises 15.2% in January - May 2021
14:52 South Korea’s first commercialised hydrogen electric boat officially unveiled
14:46 List of check points for importing of pesticides and agricultural chemicals approved by RF Prime Minister
14:24 METIS and Geislinger integrate vibrations into Neptune Lines vessel performance trial
14:01 Kongsberg Digital to deliver real-time drilling software Sitecom® to Brazilian major Ocyan
13:42 New vessel brings Furetank to the UN 2050 climate goal
13:10 The ice thrusters for the walk to work ice breaker have been delivered at shipyard Royal Niestern Sander
12:37 ClassNK expands scope of Innovation Endorsement
12:10 MOL starts research and development on large-scale liquefied CO2 carrier
11:43 One Sea white paper sets agenda for autonomous ship safety regulation
11:00 Wärtsilä chosen to power British Columbia’s most environmentally advanced escort tugs
10:41 Oil price exceeds $75 per barrel
10:22 ABB and Keppel O&M reach key autonomy milestone with remote vessel operation trial in Port of Singapore
10:09 Crowley takes delivery of tugboat with the most compact size in the U.S.
09:50 DCSA releases interface standards for the bill of lading with API definitions
09:40 Checkpoint across RF state border opened at Passenger Port Saint Petersburg
09:26 MABUX: Global bunker prices may demonstrate firm upward evolution on Jun.22
09:13 Baltic Dry Index as of June 21

2021 June 21

18:26 The Port of València to eliminate one million plastic bottles
17:37 Elcome expands presence in Europe
17:06 Jan De Nul Group installs 72 wind turbines for the 604 MW Kriegers Flak wind farm
16:59 ICC Greenland joins the Arctic Economic Council
16:12 DNV completes successful concept verification review of Odfjell Oceanwind’s WindGrid™ floating wind power system