Last checked at 
(Correcting that the announcement was made on Wednesday.)
(Alliance News) - Trafigura Group Pte Ltd on Wednesday said it has acquired a 10% stake in oil & gas company Vostok Oil from Rosneft Oil Co, a Russian oil company in which BP PLC holds a 20% stake.
Vostok Oil is a project which brings together Rosneft's resources in the Arctic, including the Ermak Neftegaz venture with BP, and links them through the Northern Sea Route to markets in Europe and Asia. The project aims to create an oil-producing region capable of supporting 50 million tonnes a year of exports in phase 1 and up to 100 million tonnes upon the completion of phase 2.
The Singaporean trading and logistics business said the acquisition - which was primarily funded by long-term debt financing - provides it with access to a major new onshore oil-producing region in Siberia's Taymyr province comprising the Vankor and Payakha clusters which have around 6 billion tonnes of high-quality crude oil resources.
Trafigura added the purchase also builds on the commercial relationship between Trafigura and Rosneft, providing access to long-term offtake supply of crude oil including from Vostok Oil.
No financial details of the deal were disclosed.
By Ife Taiwo; ifetaiwo@alliancenews.com
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