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KCA Deutag suspends new investments in Russia

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Oilfield Technology,

KCA Deutag has suspended all new investments in Russia.

In a statement, Joseph Elkhoury, KCA Deutag's CEO, said: ?"We are shocked and saddened by the deteriorating situation in Ukraine, and we join many to call upon all parties to urgently work towards a peaceful resolution in the region."

"Since the start of the conflict, KCA Deutag established a dedicated committee to actively monitor the situation and stay in full compliance with all applicable sanctions. The Group suspended all new investments in Russia and is evaluating its options relating to the Russian business."

"We remain focused on the health, safety and security of our colleagues and their families in Ukraine and Russia. Our thoughts continue to be with those impacted by these tragic events."

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Upstream news Russia upstream news Oil & gas news