US company’s chief executive tells investors its operations do not breach Biden administration’s sweeping new sanctions
Oilfield services giant SLB is resisting rising pressure to exit Russia, telling investors that its operations do not breach sweeping new sanctions targeting the country’s oil sector. SLB, previously called Schlumberger, said on Friday it was reviewing tough rules issued by the Biden administration last week prohibiting the provision of US petroleum services in Russia.
The company’s two biggest western rivals, Baker Hughes and Halliburton, sold their Russian operations to local managers in 2022. Le Peuch told analysts SLB had taken voluntary measures to curtail its Russian activities, including halting shipments of products and technology into the country from all SLB facilities worldwide in 2023. “We are reviewing the new sanctions, and at this point, we believe that our voluntary measures are aligned with the new sanctions,” he added.
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