Shell also pulls out of Russia

The UK-Dutch oil firm is selling off ownership shares in several Russian projects, including Nord Stream 2.
Shell CEO Ben van Beurden. | Photo: Benoit Tessier/Reuters/Ritzau Scanpix
Shell CEO Ben van Beurden. | Photo: Benoit Tessier/Reuters/Ritzau Scanpix

Taking a leaf out of BP’s book, Shell is selling off its Russian assets, says CEO of Shell Ben van Beurden as reported by several media.

”We cannot – and we will not – stand by,” says van Beurden according to Bloomberg:

”We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security.”

Specifically, Shell’s activities comprise a joint venture with state-owned Russian energy company Gazprom with Shell holding a 27.5-percent share in the Sakhalin II liquefied natural gas facility and owning half of the Salym and Gydan projects.

Moreover, Shell has a 10-percent stake in the now derailed Nord Stream 2 gas pipeline, valued at USD 1bn.

Earlier, BP also elected to pull out of Russia by relinquishing its stake in oil outfit Rosneft, worth an estimated USD 165bn.

Both Rosneft and Gazprom have been targeted by sanctions from both the EU and the US.

English edit: Christoffer Østergaard

(This article was provided by our sister media EnergyWatch)

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