Shell to exit Russia operations after Ukraine invasion
Shell said on Monday it will exit all its Russian operations, including a JV at a major LNG plant, following Russia's invasion of Ukraine.
The decision comes a day after rival bp abandoned its stake in Russian oil giant Rosneft in a move that could cost over $25 B.
Shell will quit the flagship Sakhalin 2 LNG plant in which it holds a 27.5% stake, and which is 50% owned and operated by Russian gas giant Gazprom.
The company also plans to end its involvement in the Nord Stream 2 pipeline from Russia to Germany, which it helped finance as a part of a consortium of companies.
Shell said the decision to quit the JVs in Russia will lead to impairments. Shell had around $3 B in non-current assets in these ventures in Russia at the end of 2021, it said.
"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 Chief Executive Ben van Beurden said in a statement.
(Reporting by Ron Bousso and Shanima A in Bengaluru; Editing by Aditya Soni and Jan Harvey)
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