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Norwegian Equinor transferred its participating interests in 4 Russian JV to Rosneft

The company has been present in Russia for more than 30 years, however, in February it has decided to stop new investments into Russia and started the process of exiting joint ventures in the country

Norwegian Equinor transferred its participating interests in 4 Russian JV to Rosneft

Oslo, May 25 - Neftegaz.RU. Equinor announced today that the company has exited all joint ventures in Russia as a result of the Western sanctions introduced against Russia's invasion of Ukraine.
At the end of 2021, Equinor had $1.2 billion in non-current assets in Russia.

Equinor had plans to exit its Russian projects Feb. 27, since then, the company has halted all new investments into Russia, stopped trading oil & gas products from Russia and announced an impairment of $1.08 billion on the balance sheet as of 31 March 2022.

The Norwegian company stated today:
  • Equinor has now transferred its participating interests in 4 Russian joint ventures to Rosneft and is released from all future commitments and obligations
  • An agreement to exit the Kharyaga project has also been signed
The exit from all Joint Ventures has been completed in accordance with Norwegian and EU sanctions legislation related to Russia.

Equinor (previously known as Statoil) has been active in the Russian market for 30 years.
According to its website, the company had 70 employees and produced approximately 10,000 barrels of oil equivalent per day from its assets in the country.

Source : Neftegaz.RU


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