Shell evaluates plans to exit Russian investments

Oil major Shell has announced its intention to exit its joint ventures with Russian energy firm Gazprom and related entities in Russia, including Nord Stream 2 pipeline project, Salym and Sakhalin-II LNG facility.

PHOTO: Germany last week halted Nord Stream 2 Baltic Sea gas pipeline project. Nord Stream 2

The board of Shell announced on Monday its intention to exit its 27.5% stake in Sakhalin-II, 50% stake in the Salym Petroleum Development and the Gydan energy venture in addition to its plan to suspend involvement in the Nord Stream 2 pipeline project.

Shell is in discussion with the governments around the world and is exploring the business implications of this decision while crucially securing energy supplies to the European and other markets in compliance with the sanctions, said in their statement.

As of 2021, Shell had around $3 billion in non-current assets in Russian ventures.

“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,” said Shell’s chief Ben van Beurden.

BP earlier this week announced its plan to exit its stake in Russian energy firm Rosneft.