Shell said on Feb. 28 that it would exit its joint ventures with Gazprom and related entities following Moscow’s military operation in Ukraine. Shell said it was pulling out of Russia as President Vladimir Putin’s invasion of Ukraine cost foreign investment and the expertise of the country’s all-important energy industry.
Shell said it was leaving its joint ventures with the Russian gas giant, including its 27.5% stake in the Sakhalin-II liquefied natural gas facility, its 50% stake in Salym Petroleum Development and the energy company Gydan.
Shell also intends to end its participation in the Nord Stream 2 gas pipeline project. We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens security European Union, said Shell chief executive Ben van Beurden.
(With agency contributions)