cover image: BRIEFING - European and U.S. Energy Companies are Responsible for Nearly USD 100 Billion to

20.500.12592/n9jpdr

BRIEFING - European and U.S. Energy Companies are Responsible for Nearly USD 100 Billion to

25 Mar 2022

These oil The first column of Table 1 shows estimated direct majors have long sought access to Russia’s vast hydrocarbon reserves, and in many cases brought payments to the Russian government due to the technological and operational expertise upstream oil and gas projects located in Russia, as needed to realize projects. [...] The second column shows Oil and gas company investments have taken the estimated payments to the Russian government by form of both equity holdings, such as BP’s stake in Russian companies who have European minority Rosneft, and joint ventures such as ExxonMobil’s owners, attributed by the minority company’s operation of the Sakhalin-1 project.1 Since Russia equity share. [...] 10 When asked for comment on these findings by Global Witness, BP disputed the findings in relation to attributing a share of Rosneft’s payments to the Russian government to the company. [...] We cannot trust the oil and gas in Rosneft, the past impact of this equity stake industry — responsible not only for the climate cannot be negated — both in terms of the benefit crisis, but also conflict, displacement, and human to Rosneft from the capital provided, and the cash suffering around the world — to be part of the flowing as a result to the Russian state. [...] Oil for over USD 95 billion to the Russian majors must not be celebrated for succumbing to government via their stakes in Russian oil and political and financial pressure to sell and abandon gas projects and companies since 2014, with assets financing an autocratic, expansionist BP responsible for 80% of this total.
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Netherlands