Halliburton out of Russia

RUSSIA / FSU POLITICS - In Brief 14 Sep 2022 by Alex Teddy
On September 8 the US oilfield services company said it was leaving Russia. It is one of the world's major oil product and service companies. Many consider it tardy in withdrawing from Russia. Halliburton has sold its Russian operation to Russian-based managers who formerly worked for Halliburton. The company there is now called BurServiceLLC. The assets sold were valued at USD 340 million but the sale price has not been stated. In March 2022 Halliburton suspended future business but continued extant projects. These projects ended on May 15 due to US sanctions. Most of the parts and products it would need were sanctioned.  In April 2022 Halliburton said that the Russian state would sequester its assets if the company pulled out of the market. Halliburton makes drilling equipment and maintains pipelines and oil terminals as well as IT systems. Gazprom Neft, Rosneft and Lukoil used all these services. The Halliburton pull-out will make life difficult for Russian oil majors. Russia can service its oil industry but not as well as Halliburton did. It will struggle with the more challenging projects. As oil prices are sky high these projects are affordable to do right now.

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