Equinor to stop trading of Russian crude, oil products

MOSCOW. March 15 (Interfax) - Norwegian energy company Equinor, following the announcement that it has begun the process of exiting projects in Russia, has decided that it will also stop trading in Russian oil.

"This means that Equinor will not enter any new trades or engage in transport of oil and oil products from Russia," the company said.

"Equinor has certain contractual commitments arising out of contracts entered into prior to the invasion. This includes contracts signed in January this year, under which Equinor will receive four oil cargoes in March. Two of these are sold on to customers in Asia. The third is a naphta cargo that will be delivered to an Equinor contracted storage facility. The fourth is a feedstock cargo to be delivered at the Mongstad refinery in Norway," the company said.

"Receiving these cargoes is in full compliance with current sanctions. Equinor is continuing its work to exit Russia in a responsible way while ensuring compliance with all applicable laws, including sanctions," the company said.

Equinor's board of directors decided at the end of February to halt new investment in Russia and begin the process of exiting Russian joint ventures. The company said that it had $1.2 billion in noncurrent assets in Russia at the end of 2021.

Equinor has been in Russia for over 30 years and has a cooperation agreement with Rosneft under which the companies are developing fields in Eastern Siberia. Equinor also has a 30% stake in a consortium that is developing part of the Kharyaginskoye oil field in the Nenets Autonomous District under a production sharing agreement. The consortium also includes Zarubezhneft-Dobycha Kharyaga with 40%, France's Total with 20% and the Nenets Oil Company with 10%.