Shell, Total quit Russian ventures

Shell, Total quit Russian ventures

UK-based Shell and French-based Total on Tuesday announced they were severing ties with Russia following sanctions placed on Moscow over its ongoing military conflict with Ukraine.

Total said it will not invest in new projects in Russia, adding that its board condemns Russia's actions and “expresses its solidarity with the Ukrainian people who are suffering the consequences and the Russian people who will also suffer the consequences.”

The energy company noted its approval of all sanctions imposed against Russia and pledged to comply with them, despite the possible impact on its activities.

Shell said it would exit its joint ventures with Russian energy giant Gazprom, with the company’s CEO Ben van Beurden saying he is “shocked by the loss of life in Ukraine.” 

“Our decision to exit is one we take with conviction. We cannot – and we will not – stand by,” van Beurden said.

The decision means that Shell will pull out of its 27.5% stake in the Sakhalin II liquefied natural gas facility, its 50% stake in the Salym Petroleum Development and the Gydan energy venture.

The oil company will also withdraw from Russia’s Nord Stream 2 gas pipeline project, where it holds a 10% stake worth around $1 billion. The pipeline’s long-awaited certification was put on hold by Germany last week.

Shell's decision follows similar steps announced by the UK’s BP and Norway’s Equinor ASA. Both companies on Monday said they would withdraw from their respective ventures in Russia.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

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