Shell to Exit Russia Operations, Nord Stream 2 Pipeline

Shell said the decision to quit the joint ventures in Russia will lead to impairments. Shell had around $3 billion in non-current assets in these ventures in Russia at the end of 2021, it said.

Hart Energy Staff

Shell Plc said on Feb. 28 it will exit all its Russian operations, including a JV at a major LNG plant and the contentious Nord Stream 2 pipeline, following Russia’s invasion of Ukraine.

“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 CEO Ben van Beurden said in a statement.

The decision comes a day after rival BP abandoned its stake in Russian oil giant Rosneft in a move that could cost over $25 billion. Norway’s Equinor also announced on Feb. 27 it start the process of divesting from its joint ventures in Russia.

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