Equinor completes exit from Russia joint ventures

Reuters | Oslo | Updated: 25-05-2022 18:57 IST | Created: 25-05-2022 17:56 IST
Equinor completes exit from Russia joint ventures
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  • Country:
  • Norway

Norway's Equinor said on Wednesday it has exited its Russian joint ventures due to the war in Ukraine, in line with plans first presented on Feb. 27.

"The exit from all joint ventures has been completed in accordance with Norwegian and EU sanctions legislation related to Russia," the oil company said in a statement. Equinor has transferred its interests in four Russian joint ventures to Rosneft, releasing the Norwegian firm from all future commitments and obligations, and has signed an agreement to exit the Kharyaga oil project, it added.

Equinor had previously said it had stopped trading oil and gas products from Russia and recorded a $1.08 billion impairment in its first-quarter earnings report.

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