Norwegian oil service company leaves Russia after sanctions

The Norwegian oil services company Petroleum Geo-Services (PGS) has put up for sale its stake in the Russian joint venture PGS-Khazar, engaged in offshore seismic exploration, the RBC writes.

This happened a month after Norway joined the EU sanctions banning the delivery of equipment to Russia for Arctic, deep water and shale oil projects. But PGS’s representative emphasizes that the sanctions weren’t "the determining factor" in the decision to sell the stake in the company.

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