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Home Trafigura puts €1.5bn of own cash on line to cement Rosneft ties
Trafigura puts €1.5bn of own cash on line to cement Rosneft ties
Commodity trader’s investment in vast Putin-backed Arctic oil development is its biggest ever
World Economy News
20 Jan 2021 • 5 min read
Western companies know partnering with Russia’s state-backed oil and gas producers carries political and reputational risks that must be weighed against gaining access to the country’s bounty of natural resources.
But for Trafigura, becoming Rosneft’s go-to commodity trader has a more concrete expense: €1.5bn of its own cash, injected into a €7.3bn deal for a 10 per cent stake in a gargantuan Arctic oil project backed by President Vladimir Putin.