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Sanctions not enough to deter hydrocarbon-hungry firms

Shell's Ben van Beurden bows to Putin on Good Friday, 18 April 2014

Shell’s Ben van Beurden bows to Putin on Good Friday, 18 April 2014

Extract from a BusinessDay article published 26 April 2014

Shell also expressed commitment to its expansion projects in Russia. Ben van Beurden, chief executive of Royal Dutch Shell told Russian President, Vladimir Putin at a meeting recently. Shell plans to expand Russia’s only liquefied natural gas (LNG) plant with Russian partner Gazprom. Van Beurden said that Shell “are very keen to grow our position in the Russian Federation and we look forward with anticipation and confidence on a very long-term future here in Russia.” He confirmed that Shell had agreed with Gazprom to expand the Sakhalin-2 LNG plant which produces 10 million tonnes of LNG per year. The expansion plan is in line with Putin’s demand to boost production of LNG and double Russia’s global market share to around 10 percent by 2020. Putin said in his response said; “We, of course, will pledge all the necessary administrative guidance and support.”



Russia says sanctions hurting, warns foreign firms not to go

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