Equinor Exits All Joint Ventures in Russia

Source: www.gulfoilandgas.com 5/25/2022, Location: Asia

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.

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

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