Commodities trader Trafigura is reviewing its stake in a Russian oil project in the Arctic

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International commodity trader Trafigura Group Pte. ltd. said it was reviewing its stake in Vostok Oil LLC, a massive Arctic oil project in Russia.

The trading company, which has a long-standing business relationship with Russian oil giant Rosneft Oil Co. and is one of Russia’s largest oil traders, in 2020 took a 10% stake in Vostok for $7 billion. euros in 2020, or about 7.8 billion dollars. at current exchange rates. Of this investment, €1.5 billion was Trafigura’s own money and the rest borrowed from banks.

A number of publicly traded Western energy companies, including Exxon Mobil Corp., BP PLC and Shell PLC, have said in recent days that they are considering withdrawing their investments in Russia. Trafigura and rival trader Vitol are both investors in Vostok, Rosneft’s flagship oil project, but as private companies operating further from the spotlight of political and media attention.

Trafigura said on Wednesday it would not invest new money in Russia. “We are currently reviewing options regarding our passive stake in Vostok Oil,” the company added, saying it had no operational or managerial input into Vostok.

A Vitol-led consortium took a 5% stake in Vostok from Rosneft last year. The Dutch trader declined to comment on his investment.

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