Rosneft lures investors on Arctic oil project

oil rig
oil rig

Russian state-owned mining giant Rosneft is reportedly looking for global investors to help it fund the development of one of the world’s largest oil deposits. Russia could thus get to the black gold hiding in the Arctic region.

Rosneft has been negotiating with companies such as Vitol, Glencor, or Gunvor, according to Reuters. He has already agreed with Swiss group Trafigura, which took a 10 percent stake in the project at the end of last year.

Such companies usually avoid direct investment in similar projects, however, the offer from the Russian state-owned giant can be very attractive. Indeed, it could make companies available in the long run to a major source of oil supply for the growing Asian market.

The involvement of oil traders makes sense of such a huge project, according to analysts. But the companies listed declined to comment to Reuters. Vostok Oil is one of the largest Russian oil projects in history. It is perhaps only comparable to those developed in the 1970s in Siberia.

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