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SHELL said Monday it plans to leave its partnership with Russian state energy giant Gazprom in light of the Russian invasion of Ukraine.
According to a statement, Shell intends to withdraw from its joint ventures with Gazprom and related entities, including 27.5% of its shares in the Sakhalin-II liquefied natural gas facility, 50% of its shares in Salym Petroleum Development and the Gydan energy enterprise. The company will also complete its involvement in the Nord Stream 2 pipeline project.
“We are shocked by the loss of life in Ukraine as a result of a senseless act of military aggression that threatens European security,” said Shell chief executive Ben van Beurden.
“Our decision to leave is a decision we make with conviction,” he said, adding that “we can not – and will not – stand by this aggression. “Our immediate focus is on the security of our people in Ukraine and the support of our people in Russia.”
At the end of 2021, Shell had about $ 3 billion in long-term assets in these ventures in Russia, according to the company.
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