May 23, 2022

Shell is puling out of Russia due to Ukraine invasion

The list of companies pulling their business interest out of Russia continues to grow, with the oil and gas sector ramping up its efforts to cut Russia off from the rest of the civilized world.

According to Breitbart News Shell Oil says that it will be pulling out of Russia as President Vladimir Putin’s invasion of Ukraine.

This move on the part of the oil and gas giant ex expected to cost the country’s all-important energy industry foreign investment and expertise.

“Shell announced its intention Monday to exit its joint ventures with Gazprom and related entities, including 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,” Breitbart News reported.

The company said in their announcement that they planned to end their involvement with the Nord Stream 2 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 European security,” said Shell’s chief executive officer, Ben van Beurden.

Shell’s decision comes the day after rival company BP announced plans to get rid of its almost 20% stake in Rosneft, which is a company controlled by the Russian state.

“Shell’s most important investment in Russia is its stake in the Sakhalin-II project in the waters near Sakhalin Island off Russia’s east coast. Japan-based Mitsui owns 12.5% of the project and Mitsubishi holds 10%,” Breitbart News reported.

“This military action represents a fundamental change,” BP chair Helge Lund said in a statement according to CNBC News.

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