Another Oil Company Leaves, Now No More Western Oil Investors In Russia

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Another Oil Company Leaves, Now No More Western Oil Investors In Russia

Plauge News- Weatherford International has become the last of the top four global oilfield services to make a statement regarding its operations in Russia, with the company deciding to suspend making new investments and implementing new technologies, the company’s website says.

“Since the crisis began, we have continuously evaluated our operations and have taken a number of actions in response.

Following the imposition of sanctions on February 24, 2022, we are withholding shipments and immediately suspending any new investments or new placements. Technology in Russia. We have no active joint ventures or partnerships in Russia,” Weatherford President and CEO Girish Saligram was quoted as saying in a company statement.

Weatherford has no active joint ventures or partnerships in Russia, he said.

“We will continue to comply with the evolving sanctions landscape and will continue to fulfill our contractual obligations under applicable international law and sanctions.

We are very concerned about the crisis and demand a speedy diplomatic and peaceful solution, “Saligram said.

Thus, the four foreign oil fields serving the giant said that they had stopped new investments in Russia over the past few days.

US-based Halliburton was the first to make a statement about the imminent cessation of its operations in Russia.

“The company complies with sanctions that prohibit transactions and work, including for certain Russian state-owned customers. Halliburton will prioritize safety and reliability as we cease our remaining operations in Russia,” the company’s website said in a statement.

Schlumberger International was the next to report the cessation of its operations in Russia.

“We have watched with great concern as the conflict in Ukraine has escalated,” said Schlumberger Chief Executive Officer Olivier Le Peuch.

“First and foremost, we are very focused on the health, safety and security of our employees, colleagues and their families in Ukraine, Russia and throughout the region,” he said.

Baker Hughes also announced it was suspending new investments for its Russian operations. The company continues to comply with applicable laws and sanctions as it fulfills current contractual obligations, the company website says. (TASS)

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