(Bloomberg) – The invasion of Ukraine prompted oil giant BP Plc and Shell Plc to leave Russia in a historic move that will result in billions of dollars in writedowns. Now the pressure is mounting on others to follow suit.
Energy firm Equinor ASA has also said it will start pulling out of Russia as sanctions escalate. Investors are wondering who might be next to dump assets.
Here is a list of some companies that have stakes or interests in the Russian commodities and energy sectors:
TotalEnergies SE has operations in Russia that represent approximately $1.5 billion of its total cash flow, or approximately 5%. He owns about a fifth of gas producer Novatek as well as a large stake in the Yamal LNG project, Russia’s largest producer of liquefied natural gas. It also holds a 10% stake in the future development of Arctic LNG 2.
Exxon Mobil Corp. owns a 30% stake in the Sakhalin 1 project, a long-standing joint venture with Rosneft, as well as Japanese and Indian companies. The offshore oil company 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 the largest wind and solar portfolio in Russia, with a capacity of over 1.2 gigawatts.
OMV AG, Austria’s largest fossil fuel company, is facing potential write-downs on a 730 million euro ($820 million) loan to the Nord Stream 2 project. It also has a 25% stake in the field. natural gas giant Yuzhno Russkoye, which generates about a fifth of the company’s output, or about 100,000 barrels of oil equivalent per day.
Wintershall Dea AG, jointly owned by BASF SE and LetterOne, the investment company of Russian billionaire Mikhail Fridman, has stakes in gas production joint ventures in Siberia with Gazprom. It also owns a stake in the Nord Stream gas pipeline from Russia to Germany and has provided a long-term loan to Nord Stream 2.
The French company Engie SA owns a stake in Nord Stream and granted a loan to Nord Stream 2.
Uniper SE owns an 83.7% majority stake in Russian utility Unipro, is a backer of Nord Stream 2 and has significant operations in Russia like its parent company, Fortum.
Traders and Metals
The trading house Gunvor Group Ltd. holds a 26% stake in the OJSC Ust-Luga petroleum products terminal. Russian business accounted for 6% of Gunvor’s total trading volume in 2020, the most recent financial year.
The trader took a 10% stake in Vostok Oil, a vast project controlled by Rosneft PJSC, in 2020. Vostok is expected to deliver up to 30 million tonnes of oil via the North Sea by 2024.
The Vitol group holds a 5% stake in the Vostok Oil company run by Rosneft, which it bought in consortium with Mercantile & Maritime.
Commodity trading giant Glencore Plc’s Viterra agricultural unit co-owns – with VTB Group – the Taman grain terminal on the Black Sea.
Glencore also holds a stake of approximately 0.5% in Rosneft PJSC. It has a 10% stake in En+ Group International PJSC, which controls United Co. Rusal International PJSC, and a bulk drawdown agreement with Rusal.
The French trader operates four sugar beet processing plants in Russia, with a combined production capacity of 800,000 tonnes per year.
Archer-Daniels-Midland Co. has over 430 employees in Russia, with offices in several cities, including Moscow and St. Petersburg. There is also a joint venture with Aston Foods.
Cargill Inc. has more than 2,500 employees nationwide, with businesses in everything from oilseed trading and crushing to poultry processing and specialty food ingredients.
Louis Dreyfus Co. has a grain terminal in the Sea of Azov that can export 1.1 million tons per year as well as inland silos.
bunge ltd. owns a port in Rostov, as well as an oilseed crushing plant, a refinery and an oil packing company in Voronezh.
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