--- title: "As BP and Shell Exit Russia, These Companies Still Have Ties" description: "The invasion of Ukraine has prompted oil giant BP Plc and Shell Plc to quit Russia in a historic move that will bring billions of dollars of impairments. Now the pressure is building on others to follow suit." type: "NewsArticle" publisher: "Daily Maverick" site: "https://www.dailymaverick.co.za" section: "Business Maverick" author: "Bloomberg" author_url: "https://www.dailymaverick.co.za/author/bloomberg/" canonical_url: "https://www.dailymaverick.co.za/article/2022-03-01-as-bp-and-shell-exit-russia-these-companies-still-have-ties/" published: "2022-03-01T05:29:17" lang: "en-ZA" word_count: 1033 --- # As BP and Shell Exit Russia, These Companies Still Have Ties > The invasion of Ukraine has prompted oil giant BP Plc and Shell Plc to quit Russia in a historic move that will bring billions of dollars of impairments. Now the pressure is building on others to follow suit. By Bloomberg · Published 1 March 2022, 07:29 SAST ## Content Energy company Equinor ASA has also said it will start withdrawing from Russia, as sanctions ratchet up. Investors are wondering who could be next to dump assets.Here’s a list of some companies that have holdings or interests in Russia’s commodity and energy sectors: ### Energy ### TotalEnergies TotalEnergies SE has operations in Russia representing around $1.5 billion of its total cash flow, or around 5%. It owns roughly a fifth of gas producer Novatek as well as a large interest in the Yamal LNG project, Russia’s biggest producer of liquefied natural gas. It also has a 10% in the future Arctic LNG 2 development. ### Exxon Exxon Mobil Corp. has a 30% stake in the Sakhalin 1 project, a long-standing joint venture with Rosneft, as well as Japanese and Indian firms. The offshore oil venture in Russia’s Far East produced some 227,000 barrels a day last year. ### Fortum Finnish utility Fortum Oyj owns 12 power plants in Russia that employ some 7,000 people. It also has Russia’s largest wind and solar portfolio, with capacity exceeding 1.2 gigawatts. ### OMV OMV AG, Austria’s biggest fossil fuel company, faces potential impairments on a 730 million euro ($820 million) loan to the Nord Stream 2 project. It also has a 25% stake in the giant Yuzhno Russkoye natural gas field, which generates about a fifth of the company’s production -- or roughly 100,000 barrels of oil equivalent a day. ### Wintershall Wintershall Dea AG, which is jointly owned by BASF SE and Russian billionaire Mikhail Fridman’s investment firm LetterOne, has stakes in gas-producing joint ventures in Siberia with Gazprom. It also has a stake in the Nord Stream gas pipeline from Russia to Germany, and provided a long-term loan to Nord Stream 2. ### Engie France’s Engie SA has a stake in Nord Stream and provided a loan to Nord Stream 2. ### Uniper Uniper SE owns an 83.7% majority stake in Russian utility Unipro, is among the financial backers of Nord Stream 2 and has substantial operations in Russia like its parent, Fortum. ### PetroChina China National Petroleum Corp.’s PetroChina holds a 20% stake in Novatek’s Yamal LNG, 10% of Arctic LNG 2 project and has pipeline gas supply deals with Gazprom. ### Cnooc China National Offshore Oil Corp. holds a 10% stake in the Arctic LNG 2 project. ### Sinopec China Petroleum & Chemical Corp., holds a 40% stake in Sibur Holding’s Amur gas chemical complex in Russia’s Far East and in 2019 agreed to form a gas trading joint venture with Novatek. ### ONGC Videsh India’s [ONGC Videsh Ltd.](https://www.ongcvidesh.com/assets/cis-far-east/) has a 20% participating interest in the Sakhalin-1 project in Russia’s Far East. It also acquired Imperial Energy Corp., an independent upstream oil and exploration company that’s active in Tomsk region of western Siberia. The company has a 26% stake in CSJC Vankorneft, the owner of Vankor field, which is one of Russia’s biggest projects. ### Nayara Energy The Mumbai-based oil refiner, formerly known as Essar Oil Ltd, is 49% owned by Russia’s oil major Rosneft. The plant has a capacity of 20 million tons a year and is situated at Vadinar on India’s west coast. The integrated infrastructure includes pipelines, tanks and its own power plant. ### Traders and Metals ### Rio Tinto Russian aluminum giant United Co. Rusal International PSJC has a 20% stake in Queensland Alumina Ltd., which is 80% owned and operated by Rio Tinto Group. Rio said in an emailed statement on Monday that it was closely monitoring the situation in Ukraine. ### Gunvor Trading house Gunvor Group Ltd. holds a 26% stake in oil products terminal OJSC Ust-Luga. Russian business made up 6% of Gunvor’s total trading volumes in 2020, the most recently reported financial year. ### Trafigura The trader [bought](https://www.bloomberg.com/news/articles/2021-12-10/trafigura-says-its-risk-is-limited-in-vostok-oil-investment) a 10% stake in Vostok Oil, a vast project controlled by Rosneft PJSC, in 2020. Vostok is expected to deliver up to 30 million tons of oil via the North Sea by 2024. ### Vitol Vitol Group has a 5% stake in the Rosneft-run Vostok Oil venture, which it bought in consortium with Mercantile & Maritime. ### Glencore Commodity trading giant Glencore Plc’s Viterra agriculture unit is a joint owner -- along with VTB Group -- of the Taman grain terminal on the Black Sea. Glencore also has about a 0.5% stake in Rosneft PJSC. It has a 10% holding in En+ Group International PJSC, which controls United Co. Rusal International PJSC, and a massive offtake deal with Rusal. ### Sucden The French trader operates four sugar-beet processing plants in Russia, with a combined production capacity of 800,000 tons a year. ### Mitsui Mitsui & Co. has a 12.5% stake in the Sakhalin 2 LNG export project in Russia’s remote Far East, in a joint venture with Gazprom and Shell. Mitsui and the state-owned Japan Oil, Gas and Metals National Corp. hold 10% of Arctic LNG 2 through the Japan Arctic LNG consortium. ### Mitsubishi Mitsubishi Corp. holds 10% of the Sakhalin 2 LNG project. ### SODECO The Sakhalin Oil and Gas Development Co., which holds 30% of the Sakhalin 1 oil and gas project, includes Japan Petroleum Exploration Co., Japan National Oil Corp, Itochu Corp and Marubeni Corp. ### Big Agri ### ADM Archer-Daniels-Midland Co. has more than 430 employees in Russia, with offices in multiple cities including Moscow and St. Petersburg. It also has a joint venture with Aston Foods there. ### Cargill Cargill Inc. has more than 2,500 employees in the country, with businesses in everything from oilseed trading and crushing to poultry processing and specialty food ingredients. ### Louis Dreyfus Louis Dreyfus Co. has a grain terminal on the Sea of Azov that can export 1.1 million tons a year as well as inland silos. ### Bunge Bunge Ltd. owns a port in Rostov, as well as an oilseed crushing plant, refinery and an oil packaging business in Voronezh. ### Olam Olam International Ltd. has a Russia unit, Outspan International Ltd., which is one of the largest suppliers of raw materials and semi-finished products to the food processing industry in the country. Olam has also invested in a port-based elevation facility in Azov to support grains export operations. The Singapore-based company has almost 2,000 employees in Russia. However its direct exposure to Russia and Ukraine combined accounts for just 1% of its sales volumes and revenue, according to CEO Sunny Verghese.