Equinor to Stop Trading in Russian Oil and Oil Products

Source: www.gulfoilandgas.com 3/14/2022, Location: Asia

Following the announcement that Equinor has started the process to exit its projects in Russia, a decision has been made that Equinor will also stop trading in Russian oil. This means that Equinor will not enter any new trades or engage in transport of oil and oil products from Russia.

This is part of Equinor’s efforts to exit Russia and includes getting a full overview of all relevant aspects, including legal obligations. 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 four oil cargoes in March. Two of these are sold on to customers in Asia. The third is a naphta cargo that will be delivered to an Equinor contracted storage facility. The fourth is a feedstock cargo to be delivered at the Mongstad refinery in Norway.

Receiving these cargoes is in full compliance with current sanctions. Equinor is continuing its work to exit Russia in a responsible way while ensuring compliance with all applicable laws, including sanctions.


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