Equinor investing billions in Russia

EquinorFornebu.Equinor.Photo: Berit Roald / NTB scanpix

Parallel to the fact that Norway has introduced sanctions against Russia after the annexation of Crimea, Equinor has invested billions in the country.

From 2014 to 2017, the company has invested NOK 2.2 billion in our neighbouring country to the east according to a review by Aftenposten newspaper of Equinor’s accounts. 2014 was the same year that Norway introduced sanctions in response to Russia annexing the Crimean peninsula.

‘’We closely follow the sanctions against Russia. What we do is clearly within the guidelines of what one can do’’ said Executive Vice President, Torgrim Reitan, who is responsible for Equinor’s international business.

Equinor, previously named ‘Statoil’, was one of the companies in Norway that was particularly affected. The company collaborated with the Russian oil giant, Rosneft, and the sanctions were particularly aimed at the oil and gas industry.

As Equinor is also listed in the US, the US authorities are keeping an eye on whether the company complies with the sanctions. Reitan said there is close contact between the authorities in the EU, Norway and the United States.

‘’We keep ourselves informed about how the sanctions should be understood and what kind of development we can be involved in’’ he said, and emphasised that the company stays away from activities that are covered by the sanctions.

© NTB Scanpix / #Norway Today