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Equinor to exit joint ventures in Russia

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Oilfield Technology,

Equinor has decided to stop new investments in Russia and start the process of exiting the company’s Russian joint ventures (JVs).

At the end of 2021 Equinor had US$1.2 billion in non-current assets in Russia. The company expects that the decision to start the process of exiting JVs in Russia will impact the book value of Equinor’s Russian assets and lead to impairments.

Equinor has been in Russia for over 30 years and entered a cooperation agreement with Rosneft in 2012.

“We are all deeply troubled by the invasion of Ukraine, which represents a terrible setback for the world, and we are thinking of all those who are suffering because of the military action,” said Anders Opedal, President and CEO of Equinor.

“In the current situation, we regard our position as untenable. We will now stop new investments into our Russian business, and we will start the process of exiting our joint ventures in a manner that is consistent with our values. Our top priority in this difficult situation is the safety and security of our people,” said Opedal.

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Upstream news Russia upstream news Oil & gas news