Norway’s biggest oil company “Equinor” exits all joint ventures with Russia

Norway’s Equinor ASA, a state-owned energy company, producing oil, gas, solar and wind power, announced that it has officially exited all joint ventures with Russia as of Wednesday, May, 25.

In an official announcement shared on their website, Norway’s biggest oil company stated:

“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.”

Equinor was founded in 1972, currently holding its headquarters in Stavanger, Norway, the company employs over 21,000 people in over 30 countries with the Norwegian state owning an incredible 67 per cent share of the company with the remaining 33 per cent being public stock.

In 2020, Norway’s biggest oil company’s revenue was estimated to be $46,818 million.

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