The Largest Oilfield Services Corporation Expands Its Presence in Russia after the Departure of Competitors
Oilfield services Corporation SLB, formerly known as Schlumberger, is strengthening its position in the Russian market after the departure of Western competitors. This was reported by the Financial Times newspaper.
“The documents show that the company also continued to import materials from other sources, importing equipment worth $17.5 million between August and December 2023,“ the newspaper writes.
The company itself declined to comment, but the FT source said that the import was not carried out “from the SLB facility“ and therefore “complies with international sanctions standards.“
According to a press release dated July 2023, the company announced that it was stopping supplies to Russia from all SLB enterprises. However, it continued to import goods from other sources. The disclosure came at a time when SLB is resisting pressure to leave Russia from human rights groups and the Ukrainian government. According to US regulatory authorities, in 2023, the corporation‘s revenues from operations in Russia, where 9 thousand of its employees work, amounted to $ 1.65 billion. SLB‘s net assets in Russia at the end of 2023 were estimated at $600 million.
