Russia taking over ownership stakes in Arctic oil field

MOSCOW (AP) — Russia has announced it is acquiring the stock in an Arctic oil field now held by French and Norwegian companies. The Russian government said Tuesday it had approved a proposal for the Russian oil firm Zarubezhneft to acquire the stakes of TotalEnergies of France and Equinor of Norway in the Kharyaga project in the Arctic. The move gives Zarubezhneft 90% of the projects shares, and the balance are held by another Russian company. Financial terms and other details of the transactions weren’t disclosed. The acquisition is part of a divestment trend following foreign companies exiting the Russian market because of the country’s military action in Ukraine.