British oil major to exit joint ventures with Gazprom after BP pledged to sell its 20% Rosneft stake
Highlights
- Shell said it would ‘exit its joint ventures with Gazprom and related entities’, which are worth about $3bn.
- The oil company said its staff in Ukraine and other countries have been working together to manage the company’s response to the crisis locally.
- Shell will also end its involvement in the Nord Stream 2 pipeline project, in which it holds a 10% stake worth $1bn.
- Business secretary Kwasi Kwarteng said the company had made the ‘right call’ Shell will still have a network of petrol stations in the country.
- At the end of 2021, Shell had around $3 billion in non-current assets in its Russian ventures