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Shell is ending a partnership with Gazprom, exits Russian Sakhalin-2 LNG project

British oil major said that it had about $3 billion in noncurrent assets through its Gazprom ventures at the end of 2021, abandoning the Gazprom projects would probably lead to impairment charges

Shell is ending a partnership with Gazprom, exits Russian Sakhalin-2 LNG project

Source: Gazprom Press Office

London, March 1 - Neftegaz.RU. Shell announced on Feb. 28 that the company will exit its joint ventures with Gazprom and related entities.
On February 27, BP announced plans to shed its almost 20% stake in Rosneft.
Norway´s Equinor has followed BP in announcing that it will start exiting its joint venture businesses in Russia.

Shell intends to withdraw from the Sakhalin LNG plant in the Russian Far East, where it holds a 27.5% stake, and the Salym Petroleum Development and Gydan partnerships in northwestern Siberia, where the company holds 50% stake.

The UK-based oil & gas giant will also end its involvement in the Nord Stream 2 pipeline project, in which it holds a 10% stake.
Shell CEO Ben van Beurden said in a statement:
  • 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
  • Our immediate focus is the safety of our people in Ukraine and supporting our people in Russia
  • In discussion with governments around the world, we will also work through the detailed business implications, including the importance of secure energy supplies to Europe and other markets, in compliance with relevant sanctions
Western sanctions have sought to avoid restricting oil & gas exports, and some of the companies say they can continue to operate in the country.

Russia is heavily dependent on fossil fuels, which account for about 60% of the country's exports.
Russia is the world's largest natural gas exporter and the world’s 3rd-largest oil producer.
Europe is Russia’s main market for its oil & natural gas exports, and by extension, Europe is its main source for revenues.

Source : Neftegaz.RU


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