Shell follows BP out of Russia as oil companies abandon Putin
The UK-based oil company said Monday it would dump its 27.5% stake in the Sakhalin-2 liquified natural gas facility, its 50% stake in a project to develop the Salym fields in western Siberia and its 50% interest in an exploration project in the Gydan peninsula in northwestern Siberia.
“Our decision to exit is one we take with conviction,” van Beurden said. “We cannot — and we will not — stand by.”
The company was one of five that provided 50% of the financing and guarantees for the estimated €9.5 billion ($10.6 billion) cost of building Gazprom’s Nord Stream 2 pipeline under the Baltic Sea between Russia and Germany. The project was effectively killed off last week when German Chancellor Olaf Scholz said the country would halt certification of the pipeline.
Norwegian oil and gas company Equinor will also begin to exit its joint ventures in Russia, the company said in a statement Monday.
“We are all deeply troubled by the invasion of Ukraine, which represents a terrible setback for the world,” said Anders Opedal, president and CEO of Equinor.
The company said it had $1.2 billion in long-term investments in Russia at the end of 2021. It has operated in Russia for more than 30 years and has a cooperation agreement with Rosneft.
— Chris Liakos and Pamela Boykoff contributed to this article.
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