shell: Shell pulls out of energy investments in Russia over war

Shell says it is pulling out of Russia because President Vladimir Putin’s invasion of Ukraine costs the country’s all-important energy industry foreign investment and expertise.

Shell on Monday announced its intention to exit its joint ventures with Gazprom and related entities, including its 27.5 percent stake in the Sakhalin-II liquefied natural gas facility, its 50 percent stake in the Salim Petroleum Development and the Gydan Energy Enterprise. Is.

Shell also intends to terminate its participation in the Nord Stream 2 pipeline project.

“We are shocked by the loss of life in Ukraine, which we condemn, has resulted from a senseless act of military aggression that threatens European security,” said Shell’s chief executive, Ben van Burden.

Originally published at Pen 18