7 Nov 2022 10:08

Putin permits sale of Baker Hughes business in Russia to company's local management

MOSCOW. Nov 7 (Interfax) - Russian President Vladimir Putin has approved deals on the acquisition by Oil Service Technologies LLC of the Russian assets belonging to oil service company Baker Hughes.

A directive to this effect is available for viewing on the official website for legal information.

In accordance with the document, Oil Service Technologies LCC has received a right to buy 100% stakes in Baker Hughes's Russian assets such as JSC Baker Hughes, BJ Samotlor Services Vostok LLC, Oilamp Service LLC, Orenburgneftegeofizika LLC, Energo Innovations LLC, Baker Hughes Services Rus LLC, Tyumen Oil Field Equipment Plant LLC, and JSC Oilamp Service.

"The directive applies to legal relations that have emerged since October 8, 2022," it said.

As reported, Baker Hughes announced the suspension of any new investments for its operations in Russia in April. On August 1, the company announced the signing of an agreement to sell its business in Russia to local management.

According to the Russian Unified State Register of Legal Entities, Oil Service Technologies LLC was established on July 20. The company is owned equally by Alexander Monakhov, Alexei Anikeyev and Natalia Aidarova. All of them are members of the Baker Hughes top management team in Russia.