Barcelona — Spanish oil operator Meroil has no plans to sell its 50% stake in a joint venture with Russia’s Lukoil in a Barcelona oil terminal due to the conflict in Ukraine, a top executive told Reuters on Friday.
Meroil is confident its 10-year-old project will not be affected by any potential new sanctions against Moscow and is not concerned about any reputational damage, Director General Miguel Paya said, arguing that the tie-up with Lukoil was very limited and the terminal did not receive Russian oil or ships.
Many Western companies have broken business ties with Russian firms or shunned their products or wound up Russian operations following the country’s invasion of Ukraine.
Shell, the world’s largest petroleum trader, and Italy’s Eni are among energy groups which have suspended the purchase of oil from Russia, while British oil major BP exited its 19.75% stake in Russian oil giant Rosneft.
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