Rosneft sells 5% stake in Vostok oil to Vitol and Mercantile & Maritime Energy

London (Quantum Commodity Intelligence) - Russian oil company Rosneft has agreed to sell a 5% stake in its Vostok Oil project to a consortium of Vitol and Mercantile & Maritime Energy, the Russian oil company announced Thursday.

Vostok Oil's assets include the Vankor and Payakha clusters and contain combined estimated resources of around 44 billion barrels of low sulfur crude, ranging from 0.01%-0.04%.

Trafigura took a 10% stake in the project last year when Rosneft started full-scale development.