Business Maverick

Business Maverick

As BP and Shell Exit Russia, These Companies Still Have Ties

Activists and protesters stand along the M3 at the Shell garage in Newlands during a protest against the 3D seismic survey commissioned by Shell on 4 December 2021 in Cape Town, South Africa. (Photo: Gallo Images / Brenton Geach)

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.

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:



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 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.


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 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 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.


France’s Engie SA has a stake in Nord Stream and provided a loan to Nord Stream 2.


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.


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.


China National Offshore Oil Corp. holds a 10% stake in the Arctic LNG 2 project.


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. 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.


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.


The trader bought 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 Group has a 5% stake in the Rosneft-run Vostok Oil venture, which it bought in consortium with Mercantile & Maritime.


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.


The French trader operates four sugar-beet processing plants in Russia, with a combined production capacity of 800,000 tons a year.


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 Corp. holds 10% of the Sakhalin 2 LNG project.


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


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 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 Ltd. owns a port in Rostov, as well as an oilseed crushing plant, refinery and an oil packaging business in Voronezh.


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.


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