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Posts on ‘March 1st, 2022’

Energy giant Shell to end partnership with Russia’s Gazprom as Ukraine conflict intensifies

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Energy giant Shell to end partnership with Russia’s Gazprom as Ukraine conflict intensifies

Fred Imbert@FOIMBERT KEY POINTS
  • Shell said it’s selling a 27.5% stake in Sakhalin-II, an integrated oil and gas project located on the Sakhalin island in Russia, as well as a 50% interest in Salym Petroleum Development N.V.
  • “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,” Shell CEO Ben van Beurden said in a statement.
  • The company said that it had about $3 billion in “noncurrent assets” through its Gazprom ventures at the end of 2021.

Shell said Monday it is ending an “equity partnership” with Gazprom, a Russian state-owned energy company, as the Russia-Ukraine conflict continues.

Shell said it’s selling a 27.5% stake in Sakhalin-II, an integrated oil and gas project located on the Sakhalin island in Russia, as well as a 50% interest in Salym Petroleum Development N.V., “a joint venture with Gazprom Neft that is developing the Salym fields in the Khanty-Mansiysk Autonomous District of western Siberia.” The company also said it’s ending its involvement in the Nord Stream 2 pipeline project. read more

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