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Norway´s Equinor will stop trading in Russian oil & oil products

The company has confirmed that it will stop trading in Russian oil as it shuts down its operations in the country

Norway´s Equinor will stop trading in Russian oil & oil products

Source: Equinor

Oslo, March 15 - Neftegaz.RU. Equinor, which is already beginning the process to exit its projects in Russia, has decided to stop trading in Russian oil & oil products.
The Norwegian energy major said:
  • This means that we will not enter any new trades or engage in transport of oil & oil products from Russia
  • Equinor has certain contractual commitments arising out of contracts entered into prior to the invasion
  • This includes contracts signed in January this year, under which Equinor will receive 4 oil cargoes in March
  • Receiving these cargoes is in full compliance with current sanctions
2 of these oil cargoes are sold to customers in Asia.
The 3rd is a naphtha cargo that will be delivered to an Equinor contracted storage facility.
The 4th is a feedstock cargo to be delivered at the Mongstad refinery in Norway.

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

Equinor said that the decision to pull out from joint ventures would affect the book value of its Russia assets and lead to impairments.
At the end of 2021, Equinor had $1.2 billion in non-current assets in Russia.

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