Global commodities trader Trafigura has completed the purchase via a wholly-owned subsidiary of a 10% stake in Rosneft’s Vostok Oil project in the Arctic, the company said on Tuesday.

“The acquisition is majority financed by long-term debt financing provided to the entity,” Trafigura said in a statement without disclosing the figure paid.

As part of the deal, Trafigura will have long-term access to oil supplied from the major oil basin. Rosneft has estimated the oil and gas condensate resources to be 6 billion tonnes (44 billion barrels).

Earlier this month, Trafigura CFO Christophe Salmon likened the area to the prolific Permian Basin in the United States.

Rosneft is also talking to other trading companies and oil firms about more prefinancing for Vostok, according to three sources familiar with the talks.

Vostok Oil was formed to unite Rosneft’s projects in northern Russia, including the Lodochnoye, Tagulskoye and Suzunskoye oilfields and other projects, including the Ermak Neftegaz venture with BP.

Sources close to the talks with Rosneft have said the project has been valued at over $70 billion.

The project will have to develop pipelines, roads, a sea port and other infrastructure. Crude oil is expected to be shipped to Asia via the North Sea Route (NSR).