Shell to exit Russia after Ukraine invasion, joining BP
LONDON, March 1 (Reuters) - Shell (SHEL.L) will exit all its Russian operations, including a major liquefied natural gas plant, it said on Monday, becoming the latest major Western energy company to quit the oil-rich country following Moscow's invasion of Ukraine.
The decision comes a day after rival BP abandoned its stake in Russian oil giant Rosneft (ROSN.MM) in a move that could cost the British company over $25 billion. Norway's Equinor (EQNR.OL) also plans to exit Russia.
Shell said in a statement it will quit the flagship Sakhalin 2 LNG plant in which it holds a 27.5% stake, and which is 50% owned and operated by Russian gas giant Gazprom .
Shell said the decision to exit Russian joint ventures 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.
"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 Chief Executive Ben van Beurden said in a statement.
http://www.reuters.com/business/energy/shell-exit-russia-operations-after-ukraine-invasion-2022-02-28/
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