Statoil warns of Russian energy project delays

Statoil (NYSE:STO) highlights that western sanctions against Russia will slow down the process of getting the go-ahead for some of its joint ventures with Rosneft (OTC:RNFTF).

"This will be a more bureaucratic process, so that things will take more time," warns CEO Helge Lund.

However, not all projects will be slowed down, as sanctions mainly target shale oil, deep-water oil and Arctic oil production.

Statoil says it will stand by its 27-month-old partnership with Rosneft and hopes diplomacy will resolve the standoff between the U.S., Europe and Russia over the crisis in Ukraine.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs