On Monday, the UK-based oil company said it would give up its 27.5% stake in the Sakhalin-2 liquefied natural gas facility, its 50% stake in a project to develop the Salem fields in West Siberia and its 50% stake in an exploration project in Gidan Peninsula in northwestern Siberia.
“Our decision to exit is a decision we make with conviction,” Van Burden said. We cannot – and will not – stand idly by.”
The company was one of five companies that provided 50% of financing and guarantees for the estimated cost of 9.5 billion euros ($10.6 billion) to build the Gazprom Nord Stream 2 pipeline under the Baltic Sea between Russia and Germany. The project effectively came to a halt last week when German Chancellor Olaf Schulz said the country would halt certification of the pipeline.
The company said in a statement on Monday that Norwegian oil and gas company Equinor will also begin to exit its joint ventures in Russia.
“We are all deeply disturbed by the invasion of Ukraine, which is a terrible setback for the world,” said Anders Opedal, Equinor’s president and CEO.
The company said it has a long-term investment of $1.2 billion in Russia by the end of 2021. It has been operating in Russia for more than 30 years and has a cooperation agreement with Rosneft.
– Chris Liakos and Pamela Boikov contributed to this article.
Kazuo Ishiguro is a contributor to OE Mag, covering news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on clear, accurate reporting and useful information that helps readers stay informed about current affairs and developments that matter to them. His work highlights relevant stories, emerging trends, and key issues, presenting them in a balanced, accessible, and reader-friendly way.