abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb
Article

16 Aug 2024

Author:
Jamie Smyth,
Author:
Anastasia Stognei,
Author:
Chris Cook, FT

Top US oil group expands in Russia as rivals pull out

16 August 2024

...SLB, the Houston-based company formerly known as Schlumberger, has signed new contracts and recruited hundreds of staff in the country even after its two largest US rivals, Baker Hughes and Halliburton, both sold their Russian businesses to local managers in 2022.

...Documents obtained by non-profit group Global Witness and seen by the Financial Times show that in December SLB’s Russian business signed a contract with the Russian oil and gas institute Vnigni, which commits the company to help it build models of oil and gas deposits that can be used to develop projects.

The FT has identified more than 1,000 job advertisements posted by the company since December, seeking roles that range from drivers to chemists and geologists. Benefits on offer range from lunch at work and access to sports facilities to participation in discounted share schemes.

Searches of Russian trademark and corporate databases by the FT show SLB Russian subsidiaries registered two new trademarks in July.

SLB has been upfront that it has no plans to leave Russia. But in July 2023 the company said it was “halting shipments of products and technology into Russia from all SLB facilities worldwide in response to the continued expansion of international sanctions”.

Russian customs filings show that after this ban was imposed, such imports slowed to a stop by the start of September.

But filings show the company also continued to import materials from other sources, bringing in $17.5mn of equipment between August and December 2023, the most recent date of available records. Of this, $2.2mn was declared as having been originally manufactured by SLB or its subsidiaries.

SLB declined to comment. A person close to the company said the imports were not “from an SLB facility” and are therefore “consistent with SLB’s public statements and within international sanctions guidelines”...

Human rights groups and the Ukrainian government allege SLB’s work in the country helps to generate billions of dollars of oil revenues to support the Kremlin’s war effort...

Privacy information

This site uses cookies and other web storage technologies. You can set your privacy choices below. Changes will take effect immediately.

For more information on our use of web storage, please refer to our Data Usage and Cookies Policy

Strictly necessary storage

ON
OFF

Necessary storage enables core site functionality. This site cannot function without it, so it can only be disabled by changing settings in your browser.

Analytics cookie

ON
OFF

When you access our website we use Google Analytics to collect information on your visit. Accepting this cookie will allow us to understand more details about your journey, and improve how we surface information. All analytics information is anonymous and we do not use it to identify you. Google provides a Google Analytics opt-out add on for all popular browsers.

Promotional cookies

ON
OFF

We share news and updates on business and human rights through third party platforms, including social media and search engines. These cookies help us to understand the performance of these promotions.

Your privacy choices for this site

This site uses cookies and other web storage technologies to enhance your experience beyond necessary core functionality.