By Natali Moss
"The agreement follows from the company previously announced for its oil service operations in Russia and the obligation to comply with applicable laws and sanctions," the US company said. The new business will work regardless of Baker Hughes - including an independent brand - and it will take over all current assets, liabilities and commercial obligations from the oil service in Russia.
The transaction is expected to be completed in the second half of 2022, subject to the approval of local authorities. The company seeks to support its employees during this process and to provide an orderly transition for its customers and relevant parties. In March it became known that Baker Hughes stops investing in new projects in Russia. This was also announced by other largest companies operating in this sector - Schlumberger, Halliburton and Weatherford International.
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