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Equinor exits all JVs in Russia

Oil&Gas Materials 25 May 2022 16:16
Equinor exits all JVs in Russia
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, May 25. Norwegian Equinor company has completed the exit from all joint ventures (JVs) in Russia, Trend reports with reference to the company.

Reportedly, the exit from all Joint Ventures has been completed in accordance with Norwegian and EU sanctions legislation related to Russia.

“On 27 February 2022, Equinor decided to start the process of exiting the company’s Joint Ventures in Russia. Since then, Equinor has halted all new investments into Russia, stopped trading oil and gas products from Russia and announced an impairment of USD 1.08 billion on the balance sheet as of 31 March 2022.

Equinor has now transferred its participating interests in four 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,” said the company.

Equinor has been in Russia for over 30 years and entered a cooperation agreement with Rosneft in 2012.

At the end of 2021 Equinor had USD 1.2 billion in non-current assets in Russia.

Equity production from Russia in the first quarter of 2022 increased slightly compared to the first quarter of 2021 but reduced following Equinor’s decision to start the process of exiting Russia.

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