Page 11 - EurOil Week 21 2022

EurOil PROJECTS & COMPANIES EurOil

Swiss maker of oil industry

pumps Sulzer exits Russia

SWITZERLAND SULZER, a Swiss engineering group that spe- company was determined to continue providing
cialises in fluid engineering technologies, support to its 300-member workforce in Russia
announced on May 24 that it was exiting Russia while exiting that country.
“with immediate effect,” pulling out of the coun- The Swiss engineering firm has at least three
try and selling its assets there. subsidiary companies that supply and service
In a statement, the company, which sells, equipment in Russia. They are Sulzer Pumps;
manufactures and services pumps, machine Sulzer Chemtech, which makes and services heat
tools and other equipment used in the petro- exchangers, as well as other equipment for the
leum, petrochemical and pulp and paper indus- petrochemical and energy industries; and Sulzer
tries, explained that its board of directors had Turbo Services Rus, which services gas turbines
made the decision to halt operations in Russia. for a client list that includes T Plus, TGK-2 and
It said it intended to sell its Russian assets as Gazprom Energoholding (GEH).
soon as possible but did not name any potential Sulzer’s announcement further expands the
buyers. list of Western companies walking away from
Sulzer did not specify the reasons for its deci- or freezing their operations in Russia. This list
sion to exit Russia. However, it signalled that its already includes many organisations active in
impending departure was linked to the invasion the oil and gas industry, which is one of Mos-
of Ukraine, noting that the move “follows Sul- cow’s main sources of hard currency earnings
zer’s announcement earlier in the year that it had and budget revenues.
already significantly reduced business activities In March 2022, for example, the US-based
in Russia.” oilfield service giants Weatherford International,
It also commented that the company’s board Baker Hughes and Schlumberger announced
of directors “regrets this decision after decades they were scrapping all new investment in Rus-
of operation in Russia.” Nevertheless, it says, sia following the fourth sanctions package of
board members have concluded after reviewing the EU, which banned investment in the energy
the available options that withdrawal is the best sector in response to Russia’s military invasion
solution. of Ukraine. Halliburton, another major oilfield
The statement expressed gratitude to Sulzer’s service provider (OSP), has also said it will cease
employees around the world and said that the operations in the country. ™

Brod Oil Refinery made a loss

of BAM115mn in 2021

BOSNIA BROD Oil Refinery ended the business year capital to BAM23.8mn. In the last two or three
2021 with a loss of BAM115mn (€58.80mn), years, the Brod Oil Refinery has been overhaul-
the portal Beta.ba reported, citing a report on ing the plant.
the company’s operations. The total revenues The Brod Oil Refinery has been operating
of the Brod Oil Refinery in 2021 amounted mostly at a loss for the last five years. The com-
to BAM3.5mn, and the total expenditures of pany made a loss of BAM15mn in 2017, a loss of
BAM126mn, according to the data from the BAM14.6mn in 2018 and a loss of BAM117.1mn
report. in 2019. At the end of 2020, the refinery regis-
Brod Oil Refinery is one of four companies tered BAM68.2mn of profit, but at the end of
operating under the Nestro brand in Bosnia & 2021, it sank into losses again. ™
Herzegovina. All four business entities operat-
ing under the Nestro trademark are owned by
the Russian state oil company Zarubezhneft.
In order to start production and modernisa-
tion, Zarubezhneft has invested more than
BAM520mn in the Brod Oil Refinery.
The total assets of the company as of Decem-
ber 31, 2021 amounted to BAM622mn, and the

Week 21 27•May•2022 www. NEWSBASE .com P11