Norwegian energy group Equinor has fully withdrawn from Russia

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Norwegian energy group Equinor said on Friday it had completed its exit from Russia, fulfilling a promise it made after Moscow’s invasion of Ukraine in February to exit the Russian market entirely.

Equinor’s move marks the first full, orderly exit of an international oil and gas company from Russia, as pressure mounts for other energy companies such as TotalEnergies and ExxonMobil to exit the Russian market, Reuters reports. .

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Equinor had said since February 28 that it would begin the process of divestment from joint ventures it held in Russia. In March it said it would stop trading Russian oil, while in May it announced it had reached an agreement to exit Russian joint ventures and transfer its holdings to the state-owned Russian energy company, with which it had worked for a long time.

After the deal with Rosneft, Equinor retained a single asset in Russia, its stake in the Arctic Kharyaga field operated by Russia’s Zarubezhneft and in which TotalEnergies is a partner.

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“Equinor can now confirm that the full exit from the Kharyaga field has also been completed,” the Norwegian energy group said on Friday. “Following the exit from Kharyaga, Equinor has no remaining assets or projects in Russia.”

Source: Capital

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