US Oil Services Group SLB Expands in Russia Amid Competitors' Withdrawal
US Oil Services Group SLB's Strategic Moves in Russia
US oil services group SLB, formerly known as Schlumberger, is making waves as it expands operations in Russia while other major competitors have chosen to withdraw. Following the invasion of Ukraine, companies like Baker Hughes and Halliburton exited the market, but SLB's persistence raises eyebrows.
Continued Operations Amid Global Pressure
Despite imposing a ban on shipments into Russia from its facilities, SLB’s imports of various materials have not ceased. Recent customs filings indicate that from August to December 2023, SLB brought in approximately $17.5 million worth of equipment, including $2.2 million declared as originally manufactured by SLB.
- SLB's commitment to operations in Russia has generated significant revenue.
- Human rights groups and the Ukrainian government have criticized the company's stance.
- Competitors have faced financial repercussions for their exits.
Financial and Operational Insights
The company reported that last year's operations in Russia contributed 5% of its global revenues, and it continues to employ around 9,000 staff in the region. With more than $600 million in net assets as of the end of 2023, SLB's involvement highlights the complex dynamics of international business amidst conflict.
- Expansion in Russia raises ethical concerns.
- SLB is under scrutiny from various global entities.
- Import of sophisticated technologies supports local operations.
The ongoing operations of SLB demonstrate a strategic approach amid geopolitical challenges, prompting a broader discussion on the implications for global markets and ethical investing.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.