Norwegian oil company Equinor completes its exit from Russia

Share your love

The Norwegian energy group Equinor reported this Friday that it has completed its exit from the Russian market with its departure from the Kharyaga project, a small field in the Arctic.

Equinor had announced on February 28 that it would stop all its investments in Russia and abandon its joint ventures in that country due to the war in Ukraine.

Two weeks later, it stopped trading Russian oil and other products and, at the end of May, announced the sale of its interests in four Russian joint ventures to Rosneft (MCX: ROSN ), as well as an agreement to leave the Kharyaga project, in the which had 30%, which has now been effected.

The Norwegian group, which had a cooperation agreement since 2012 with the Russian giant Rosneft, had announced at the end of March an impairment of assets worth 1,080 million dollars due to the closure of the business in Russia.

“As part of its exit from Kharyaga, Equinor has covered, in accordance with applicable sanctions, decommissioning liabilities incurred and owed over the years,” said a statement from the former state-controlled Statoil (OL: EQNR ). Norwegian.

Equinor increased its net profit by 202% in the first half of 2022, to 11,476 million dollars due to high energy prices, according to the balance presented at the end of July.

Read Also   They analyze a drug that reversed 93% of severe cases of coronavirus in just five days
Share your love

Leave a Reply

Your email address will not be published.