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March 11, 2022updated 15 Jul 2022 1:07pm

Worley to withdraw from Russia over Ukraine invasion

The company, which will also not sign new contracts with Russian firms, said exposure from this withdrawal is not material.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Australia-based engineering firm Worley has decided to suspend its operations in Russia, in response to its invasion of Ukraine.

The Australian firm said it has started the withdrawal of its services from Russia and will not enter new contracts with Russian firms.

In a press statement, the company said: “Worley’s exposure from this withdrawal is not material to the Worley global business. Consistent with our purpose and values, we prioritise the safety, health, and wellbeing of our people, including those in Russia.”

Worley operates in Russia through its subsidiary OOO VSK-Vekois, which is involved in the construction and operation of the Sakhalin-1 and Sakhalin-2 project facilities.

VSK-Vekois provided services for Gazprom’s Vladivostok LNG project, Rosneft’s Tuapse Oil Refinery, Novatek’s Yamal LNG, and Arctic LNG 2 projects, among others, according to Interfax.

Norwegian state oil company Equinor said it has stopped trading oil from Russia as part of its plan to exit the oil-rich country, reported Reuters, citing Equinor CEO Anders Opedal.

Opedal said: “When we said we wanted to start exiting the [Russian joint venture], we also stopped from that date trading with Russian oil.”

Equinor’s senior executive was cited by the news agency as saying that the oil company was also exploring ways to produce additional gas from its Norwegian fields, to meet the demand in European nations in the upcoming summer.

Despite facing mounting sanctions in the wake of its military war against Ukraine, Russia said it is committed to meeting the contractual obligations, reported Reuters.

Amid the Russia-Ukraine conflict, oil prices have dropped as major producers are considering increasing output over fears of escalating oil import bans on Russia.

Brent crude futures fell 16 cents, or 0.15%, to reach $109.17 a barrel at 04:34 GMT, whereas US West Texas Intermediate (WTI) crude futures increased two cents, or 0.02%, to $106.04 a barrel, according to Reuters.

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