Norwegian energy giant Equinor will halt its investments in Russia and withdraw from joint ventures there in response to the Russian army’s invasion of Ukraine, it announced on Monday.
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Controlled at 67% by the Norwegian state, Equinor had $ 1.2 billion in assets in Russia at the end of 2021, where it has been linked since 2012 to the powerful oil group Rosneft as part of a partnership. “In the current situation, we consider our position untenable“Said the general manager of the Norwegian company, Anders Opedal, in a press release. “We will cease all new investment in our Russian business and begin the process of exiting our joint ventures in a manner consistent with our values“, he added.
On Sunday, the British major BP had for its part announced that it was going to withdraw from Rosneft in which it holds 19.75%. Like BP, Equinor said the exit decision would force it to pass provisions. The Norwegian company produces some 25,000 barrels of oil equivalent per day (boe/d) in Russia, a fraction of its total production which hovers around 2 million boe/d. “We are all deeply disturbed by the invasion of Ukraine, which represents a terrible setback for the world, and we think of all those who are suffering because of the military operation“said Anders Opedal.
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Norway is not a member of the European Union but has applied the same sanctions as the European Union against Russia since the start of the crisis in Ukraine. On Sunday, the Norwegian government also announced that the country’s sovereign wealth fund, the largest in the world, would completely disengage from Russia, where it had 2.5 billion euros in stocks and bonds at the end of 2021.