Equinor to start divesting from its joint ventures in Russia

Norwegian energy group Equinor said on February 28 it will start the process of divesting from its joint ventures in Russia, Report informs referring to Reuters.

"In the current situation, we regard our position as untenable," Equinor Chief Executive Anders Opedal said in a statement. "We will now stop new investments into our Russian business, and we will start the process of exiting our joint ventures in a manner that is consistent with our values."

The company, which is majority-owned by the Norwegian state, has been present in Russia for over 30 years, and in 2012 agreed strategic cooperation with Russia's Rosneft.

Equinor's cooperation with Rosneft includes the heavy oil and gas field North Komsomolskoye in West Siberia and the North Danilovsky development in Eastern Siberia.

Earlier, BP announced that it was getting rid of a 19.75% stake in the Russian company Rosneft.