Baker Hughes sent drilling equipment to Russia from Scotland - report
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Baker Hughes (NASDAQ:BKR) sent oil and gas drilling equipment to Russia from Scotland three months after the Scottish government called on businesses in the country to stop trading with Russia, The Herald reported Sunday.
Documents reportedly reveal that Â£21M (~$26M) of import registrations from Baker Hughes (BKR) were filed with the Russian customs service on last September; no laws or trade sanctions were broken, but the transaction went forward despite the government's appeal.
The buyer of the exports was a contractor on the Arctic LNG 2 project in Siberia led by Russian gas producer Novatek.
Before Russia attacked Ukraine, Arctic LNG 2 was set to begin production this year and reach full capacity of nearly 20M metric tons/year of liquefied natural gas starting in 2026.
Baker Hughes (BKR) agreed in August to sell its Russian business to its local management, a deal that was finalized in November.
Separately, Baker Hughes (BKR) signed a memorandum of understanding with Fortescue (OTCQX:FSUMF) to collaborate on exploring green hydrogen and geothermal projects.