Equinor Energy AS will stop trading in Russian oil. The news is in addition to the operator's planned exit of its projects in the country following Russia's invasion of Ukraine in February (OGJ Online, Feb. 28, 2022).
Equinor said Mar. 14 that it will not enter any new trades or engage in transport of oil and oil products from Russia.
Equinor is reviewing all relevant aspects of exiting Russian operations, including legal obligations. The company has certain contractual commitments arising out of contracts entered into prior to the invasion, it said, including contracts signed in January, 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 it continues its work to exit Russia in a responsible way while ensuring compliance with all applicable laws, including sanctions.