Equinor and BP to start exiting Russian ventures

The Norwegian state-owned oil giant joins BP is withdrawing from engagement in Russia due to the invasion of Ukraine.

Photo: PR / Equinor / Ole Jørgen Bratland

Norway’s biggest energy company Equinor ASA joined UK energy giant BP Plc in starting to withdraw from Russia in response to the invasion of Ukraine.

Both companies told investors to brace for a financial impact. Equinor, which is 67 percent state owned, said the decision to pull out from joint ventures in Russia will affect the book value of its assets in the country and lead to impairments, without quantifying the size of the hit, according to a statement on Monday. The company had USD 1.2bn in non-current assets in Russia at the end of 2021. BP on Sunday estimated there could be a writedown of as much as USD 25bn.

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