Western companies in Russia’s oil and gas sector | Russia-Ukraine crisis News


Worldwide power large BP has opted to go away Russia after Western nations imposed extreme sanctions on its corporations and people following Moscow’s army assault on Ukraine.

BP, the most important international investor in Russia, mentioned it was abandoning its stake within the state oil firm Rosneft at a price of as much as $25bn, shrinking its oil and gasoline reserves in half. Shell adopted swimsuit, saying it could divest of its publicity as nicely.

The next are some information concerning the publicity of Western oil and gasoline corporations to Russia, which calls its actions in Ukraine a “particular operation”:

BP

The British oil firm has a 19.75 p.c stake in Rosneft, headed by Igor Sechin, a longstanding ally of President Vladimir Putin. Rosneft accounted for a 3rd of BP’s oil and gasoline output in 2021.

BASF

The German chemical substances maker BASF co-owns Wintershall Dea – one of many monetary backers of the suspended Nord Stream 2 gasoline pipeline – with Russian billionaire Mikhail Fridman’s LetterOne investor group. BASF additionally says it generates 1 p.c of group gross sales from Russia.

Wintershall Dea and Gazprom collectively work on the Achimov Growth gas-producing venture.

CHEVRON

Chevron has a 15 p.c stake within the Caspian Pipeline Consortium (CPC), a pipeline that runs from Kazakhstan to a Russian Black Sea terminal used for Chevron to export its crude. It additionally operates different subsidiaries that accomplice with Russian corporations.

ENGIE

The French gasoline utility is certainly one of 5 co-financiers of Gazprom’s Nord Stream 2 and has a stake in Nord Stream 1, an working pipeline, together with Wintershall Dea and Gasunie.

ENI

The Italian firm and Gazprom every have a 50 p.c stake within the Blue Stream gasoline pipeline to Turkey.

EQUINOR

The power group EQNR, which is majority-owned by the Norwegian state, mentioned on Monday it’s going to begin divesting its joint ventures in Russia. It has minority stakes in three Russian oilfields.

Norway’s sovereign wealth fund, the world’s largest, may also divest its Russian belongings, value about 25 billion Norwegian crowns ($2.80bn).

EXXONMOBIL

The worldwide oil firm’s key asset in Russia is the Sakhalin-1 oil and gasoline producing venture within the Pacific. ExxonMobil additionally markets petrochemical merchandise in Russia which might be utilized by native industries, in line with its web site.

An ExxonMobil affiliate has a 7.5 p.c curiosity within the Caspian Pipeline Consortium (CPC), which exports oil from Kazakhstan through the Russian Black Sea port of Novorossiisk.

The corporate exited a number of joint ventures in Russia following sanctions imposed after Moscow annexed Crimea in 2014.

HALLIBURTON

Halliburton’s Eurasia unit operates in Russia and Ukraine. The corporate warned in February as tensions rose that its capacity to interact in sure future initiatives in Russia or work with sure Russian clients trusted whether or not its involvement could be restricted on account of United States or European Union sanctions legal guidelines.

OMV

The oil and gasoline firm OMV is among the 5 monetary backers of Nord Stream 2 and is Austria’s primary importer of Russian gasoline. It has a 24.99 p.c stake within the Russian gasoline subject Yuzhno-Russkoye.

SHELL

The Anglo-Dutch oil firm is among the largest direct international buyers within the Russian financial system. It owns 27.5 p.c of the Sakhalin-2 liquefied pure gasoline venture, which has an annual capability of 11 million tonnes and is operated by Gazprom. It is among the 5 co-financiers of Nord Stream 2.

Shell additionally has pursuits within the Salym Petroleum oil venture with Gazprom Neft and a enterprise for hydrocarbon growth at Gydan Arctic peninsular. On Monday, Shell mentioned it deliberate on leaving its Russian partnerships.

TOTALENERGIES

The French firm holds a 19.4 p.c stake in Novatek, Russia’s largest producer of liquefied pure gasoline (LNG). It has a 20 p.c stake within the Yamal LNG venture in addition to a ten p.c curiosity in Arctic LNG 2, which is scheduled to start out manufacturing subsequent yr.

The corporate additionally holds a 49 p.c stake within the Terneftegas three way partnership, which develops the Termokarstovoye onshore gasoline and condensate, and a 20 p.c curiosity within the onshore Kharyaga oil subject, its web site exhibits. It has acquired 10 p.c in LNG transhipment hubs in Murmansk and Kamchatka.

UNIPER

The German utility has a $1bn publicity to Nord Stream 2, together with 5 energy crops in Russia with a mixed capability of 11.2 gigawatts, offering about 5 p.c of Russia’s complete power wants.

Uniper and its controlling shareholder Fortum collectively personal 12 energy crops in Russia and make use of 7,000 folks there.

(Reporting by Reuters in Moscow; Enhancing by Emelia Sithole-Matarise and Alistair Bell)

Leave a Reply

Your email address will not be published.