Energy Shell to end cooperation with Russian Gazprom, also exits Nord Stream 2 gas pipeline project

The British BP and the Norwegian Equinor have also reported leaving Russia.

British Shell plans to secede from all its joint ventures with Russian gas giant Gazprom due to Russia’s attack on Ukraine.

The British company BP and the Norwegian company Equinor have also told about the departure from Russia.

Shell says in a statement that it is exiting the Lahal 2 production project to produce liquefied natural gas. Shell’s share of this large lng project is 27.5 percent and Gazprom’s 50 percent.

Shell also said it was exiting Russia from the Nord Stream 2 gas pipeline project under the Baltic Sea in Germany. Shell has financed the pipeline as part of a cluster of energy companies, part of which is Fortum’s German subsidiary Uniper.

The company will also terminate its cooperation with Gazprom Neft in two joint ventures developing Siberian oil fields.

Shellin managing director Ben van Beurden says in a statement the company is “shocked” by the loss of life in Ukraine due to a “senseless military offensive”.

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Shell says its Russian business had a book value of about $ 3 billion at the end of last year. The company estimates that the exit will affect the carrying amount of the business and result in write-downs.

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