Shell to Exit Joint Ventures With Gazprom, Citing Russia Invasion of Ukraine
February 28 2022 - 1:28PM
Dow Jones News
By Anthony O. Goriainoff
Shell PLC said late Monday that it intends to exit its joint
ventures with Gazprom PJSC and related entities, and that it will
also end its involvement in the Nord Stream 2 pipeline project.
The London-listed energy giant said that at the end of 2021, it
had around $3 billion in non-current assets in ventures in Russia
and that it expected its decisions to hurt the book value of its
Russia assets and lead to impairments.
The company said it will work through the detailed business
implications "including the importance of secure energy supplies to
Europe and other markets, in compliance with relevant
sanctions."
At the end of 2021, Shell had around $3 billion in non-current
assets in these ventures in Russia.
The company said its decision includes the 27.5% stake in the
Sakhalin-II liquefied natural gas facility, its 50% stake in the
Salym Petroleum Development and the Gydan energy venture.
"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," the company said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
February 28, 2022 13:13 ET (18:13 GMT)
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