Shell eyes leaving its business in Russia

Oil and gas major Shell has joined other companies like BP and Equinor in a decision to exit Russia-related businesses following Russia’s actions against Ukraine, Report informs referring to Offshore Energy.

Meanwhile, French major TotalEnergies has said it will no longer provide capital for new projects in Russia.

In Shell’s case, this is related to equity partnerships held with Gazprom entities.

Namely, Shell announced its intention on February 28 to exit its joint ventures with Russia’s Gazprom and related entities, including its 27.5% stake in the Sakhalin-II liquefied natural gas (LNG) facility, its 50% stake in the Salym Petroleum Development, and the Gydan energy venture.

Shell also intends to end its involvement in the Nord Stream 2 gas pipeline project.

With this move, Shell joins its peers BP and Equinor who also decided this week they would be exiting their business in and related to Russia.