Date: 28 February 2022 Author: Grzegorz Kuczyński

Equinor Quits Russia, Joining Other Oil Giants

Norway’s state-owned energy company Equinor announced on February 28 it would “start the process of exiting its Russian joint ventures.” Equinor has followed BP and Shell in announcing plans to withdraw from Russia following Moscow’s invasion of Ukraine.

Equinor (formerly Statoil) also stops new investments in Russia and start the process of exiting its existing joint ventures, the company said in a statement. It has had operations in Russia for more than 30 years. The Norwegian company owns 49 percent in the joint venture with Rosneft Krasgeonats, the same stake in the project with Rosneft on the exploration of the Domanic deposit reserves in the Samara region. Also, Equinor holds a 33.33 percent stake in Severo-Komsomolskoye, a field located in Western Siberia, and a 30 percent stake in the production-sharing agreement in the northern Timan-Pechora basin. Norway’s Equinor is another company to have exited its joint ventures with Russian businesses. Earlier, BP had offloaded its stake in Russian state-owned oil firm Rosneft after Russia’s act of aggression in Ukraine. BP is exiting a 19.75 percent in the Russian oil giant while its managers quit jobs in the firm run by Igor Sechin, a close associate of Vladimir Putin. Rosneft blamed BP’s decision on “unprecedented political pressure,”  saying “thirty years of collaboration had been ruined.” In addition to losing Western stakeholders, Rosneft will suffer from losing modern technologies they had offered.

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