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Shell accused of using ‘accounting trick’ to keep buying Russian oil

Apr 22nd, 2022
by John Donovan.
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The Telegraph

Shell accused of using ‘accounting trick’ to keep buying Russian oil

Tom Rees: Fri, April 22, 2022,

The Ukrainian government has accused Shell of using an “accounting trick” to allow the oil giant to keep buying Russian crude despite promising to cut ties with the Kremlin.

A letter sent by Kyiv to Shell boss Ben van Beurden said it was “deplorable” that companies are continuing to “bankroll Putin’s war machine” amid concerns Russian oil is still being bought through backdoor routes.

The FTSE 100 oil major committed to stop purchasing Russian crude in the spot market and said it is legally obliged to accept oil deliveries from contracts sealed before the invasion of Ukraine. However, it defines refined oil products, such as diesel, as not being of Russian origin if less than 50pc of the blend is from the country. read more

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Three Chinese energy firms are in talks to buy Shell’s stake in a huge Russian natural gas export project, a report says

Apr 22nd, 2022
by John Donovan.
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Three Chinese energy firms are in talks to buy Shell’s stake in a huge Russian natural gas export project, a report says

Grace Dean

Chinese firms are in talks to buy Shell’s stake in a Russian natural gas export project, sources told Bloomberg.

CNOOC, CNPC, and Sinopec are in joint discussions, the sources said.

Shell and other Western energy companies are withdrawing from the Russian oil and natural gas sector.

Three Chinese state-run energy companies are in talks to buy Shell’s 27.5% stake in a huge Russian natural gas export project, Bloomberg reported, citing people with knowledge of the matter. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell starts withdrawing staff from Russia as part of exit strategy

Apr 20th, 2022
by John Donovan.
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Bloomberg

Shell starts withdrawing staff from Russia as part of exit strategy

Oil company is demobilising its seconded employees in ventures with Gazprom and Gazprom Neft in a phased process

Apr 20, 2022

Shell has started to withdraw staff from its joint ventures with Russia’s Gazprom as it moves forward with plans to exit investments in response to the war in Ukraine.

Dozens of Shell employees on temporary assignment at the Sakhalin-2 liquefied natural gas export project in Russia were removed over the weekend to be relocated back to other offices, according to people with knowledge of the matter. Operations at the facility are unlikely to be affected by the move, the people said. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell says it expects to lose up to $5 billion for pulling out of Russia.

Apr 7th, 2022
by John Donovan.
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The New York Times

Shell says it expects to lose up to $5 billion for pulling out of Russia.

In an update to investors, the oil company projected a huge financial hit from its exposure to Russia.

By Marie Solis and Jason Karaian: April 7, 2022, 8:09 a.m. ET

The British oil giant Shell said on Thursday that its decision to pull out of its projects in Russia will slash its quarterly profit by $4 billion to $5 billion.

The estimate, detailed in an update to Shell shareholders, is among the largest publicly announced financial hits by any of the hundreds of companies that have curtailed their operations in Russia or withdrawn entirely since its invasion of Ukraine. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell says Russia exit has already cost $5 billion

Apr 7th, 2022
by John Donovan.
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Shell says Russia exit has already cost $5 billion

LONDON (AP) — Shell says its decision to pull out of Russia in response to the country’s invasion of Ukraine has already cost the international energy giant as much as $5 billion.

The reduced value of Russian assets, credit losses and “onerous” contract terms will cut earnings for the first three months of the year by between $4 billion and $5 billion, London-based Shell said Thursday. The estimate was part of an update released before publication of complete first-quarter earnings on May 5. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Will Have Difficulty Paying for Russian Gas Due to U.K. Sanctions

Apr 2nd, 2022
by John Donovan.
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Bloomberg

Shell Will Have Difficulty Paying for Russian Gas Due to U.K. Sanctions

  • Shell is prevented from dealing with Gazprombank by U.K. law
  • Gazprom is looking at ways to solve Shell’s payment issue

Shell Plc may have difficulty paying for Russian gas supplies this month because the Kremlin wants payments transfered through U.K.-sanctioned Gazprombank JSC, according to two people familiar with discussions in Russia.

Gazprom PJSC, the single largest provider of natural gas to the European continent, now only accepts ruble payments for supplies of the fuel to so-called ‘unfriendly’ states, including the European Union and the U.K. Shell has at least two long-term contracts that would be affected by this rule, jointly equivalent to about 1.5% of Gazprom’s annual exports to key foreign clients. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell chief’s pay rose by a quarter in 2021 to £6m

Mar 10th, 2022
by John Donovan.
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The Guardian

Shell chief’s pay rose by a quarter in 2021 to £6m

Ben van Beurden was paid 57 times more than median Shell worker, according to oil firm’s annual report

Jasper Jolly: Thu 10 Mar 2022 09.13 GMT

The Shell chief executive Ben van Beurden’s pay rose by a quarter in 2021 to £6m, as the fossil fuel producer benefited from soaring energy prices amid calls for a windfall tax on energy companies.

The FTSE 100 company reported record profits during 2021, thanks in part to a gas price surge in the final three months of the year amid a rebound in demand for commodities as the global economy recovered from coronavirus pandemic lockdowns. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Ukraine war: Shell turns its back on all Russian oil and gas and says ‘sorry’ for purchases last week

Mar 8th, 2022
by John Donovan.
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Sky News

Ukraine war: Shell turns its back on all Russian oil and gas and says ‘sorry’ for purchases last week

The firm says its decision holds “potential consequences” as market experts warn that it will be impossible to replace Russian oil and gas volumes if it is stripped away under US proposals for a wider boycott.

James Sillars: Business reporter @SkyNewsBiz: Tuesday 8 March 2022 

Shell has revealed further plans to turn its back on Russia over the invasion of Ukraine by saying it will stop “all involvement” with the country’s oil, gas and other hydrocarbon products. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell sorry and pledges to stop buying Russian oil

Mar 8th, 2022
by John Donovan.
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BBC NEWS

Shell sorry and pledges to stop buying Russian oil

Shell has pledged to stop buying oil from Russia as it apologised for its purchase of cheap Russian crude at the weekend.

The energy giant also said it would close all its service stations in the country and stop all current work in the country.

Shell came under huge criticism at the weekend after it purchased a cargo of Russian crude at a discounted price.

Its boss said on Tuesday, however, that it was wrong to buy Russian oil.

“We are acutely aware that our decision last week to purchase a cargo of Russian crude oil… was not the right one and we are sorry,” Mr van Beurden said. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell announces intent to withdraw from Russian oil and gas

Mar 8th, 2022
by John Donovan.
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Shell announces intent to withdraw from Russian oil and gas

Mar 8, 2022

Shell plc (Shell) today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas (LNG) in a phased manner, aligned with new government guidance. As an immediate first step, the company will stop all spot purchases of Russian crude oil. It will also shut its service stations, aviation fuels and lubricants operations in Russia.

“We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel – despite being made with security of supplies at the forefront of our thinking – was not the right one and we are sorry. As we have already said, we will commit profits from the limited, remaining amounts of Russian oil we will process to a dedicated fund. We will work with aid partners and humanitarian agencies over the coming days and weeks to determine where the monies from this fund are best placed to alleviate the terrible consequences that this war is having on the people of Ukraine,” said Shell Chief Executive Officer, Ben van Beurden.

“Our actions to date have been guided by continuous discussions with governments about the need to disentangle society from Russian energy flows, while maintaining energy supplies. Threats today to stop pipeline flows to Europe further illustrate the difficult choices and potential consequences we face as we try to do this. Following government statements this week, I want to set out our position clearly. Unless directed by governments, we will: read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell is already backtracking on its boycott of Russian oil

Mar 8th, 2022
by John Donovan.
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QUARTZ

Shell is already backtracking on its boycott of Russian oil

By Aurora Almendral Published March 7, 2022

Since the start of Russia’s invasion of Ukraine on Feb. 24, traders have struggled to unload Russian oil: Western buyers are adhering to a voluntary embargo in response to the violence, and in case sanctions start hitting the oil industry.

On Tuesday, March 1, Shell was lauded for cutting ties with Russian firms Gazprom and Salym Petroleum, and for ending its involvement in the Nord Stream 2 gas pipeline. “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 CEO Ben van Beurden said at the time. “Our decision to exit is one we take with conviction.” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell to Put Profits From Russian Oil Trade Into Ukraine Aid Fund

Mar 7th, 2022
by John Donovan.
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Reuters

Shell to Put Profits From Russian Oil Trade Into Ukraine Aid Fund

By Reuters: March 5, 2022, at 1:13 p.m.

By Ron Bousso

LONDON (Reuters) – Oil major Royal Dutch Shell will put profits from any Russian oil it purchases into a fund that will go towards humanitarian aid to Ukraine, the company said on Saturday.

Shell had on Friday bought a cargo of Russian crude oil at a record low discount, the first such trade since Russia invaded Ukraine last week.

The deal, which did not violate Western sanctions on Moscow, was criticized by Ukraine’s Foreign Minister Dmytro Kuleba. read more

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‘Does it smell like Ukrainian blood?’ Shell under fire after buying cut-price Russian oil

Mar 7th, 2022
by John Donovan.
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fin24/Bloomberg

‘Does it smell like Ukrainian blood?’ Shell under fire after buying cut-price Russian oil

6 March 2022

After taking a barrage of criticism for buying a cargo of Russian crude, Europe’s largest oil company Shell says it’s navigating the market with government guidance.

“We will continue to choose alternatives to Russian oil wherever possible, but this cannot happen overnight because of how significant Russia is to global supply,” Shell said in a statement on Saturday. “We have been in intense talks with governments and continue to follow their guidance around this issue of security of supply.” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell buys Russian oil days after saying it would limit business with the country for its ‘senseless act of military aggression’ against Ukraine

Mar 7th, 2022
by John Donovan.
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Shell buys Russian oil days after saying it would limit business with the country for its ‘senseless act of military aggression’ against Ukraine

Bethany Biron:
  • Shell announced on Saturday it purchased Russian oil to prevent market interruptions and ensure supply security.
  • Shell previously said it would limit business with Russia, including divesting from Gazprom, a Russian majority state-owned energy company.
  • “We will continue to choose alternatives to Russian oil wherever possible, but this cannot happen overnight because of how significant Russia is to global supply,” Shell said.

Shell announced it purchased a cargo of crude Russian oil, just days after the oil giant said it would limit business with the country in response its “senseless act of military aggression” against Ukraine.

In a statement shared to Twitter on Saturday, Shell said it made “the difficult decision” to buy the oil from Russia — the world’s third-largest oil producer and a major gas exporter to Europe — citing concerns over market interruptions and supply security. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell joins BP in pullback from Russia

Mar 1st, 2022
by John Donovan.
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FT: Shell joins BP in pullback from Russia

Neil Hume and Tom Wilson in London

Shell said it would end all three of its joint ventures with Kremlin-backed Gazprom, including its 27.5 per cent stake in the huge Sakhalin-2 liquefied natural gas project…

The company’s Russia business was already contentious for some staff, not least because four Shell employees were among those killed when Malaysia Airlines flight MH17 was shot down over Ukraine in 2014.

FULL FT ARTICLE

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Shell abandons Russia and Nord Stream 2 pipeline 

Feb 28th, 2022
by John Donovan.
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The Telegraph

Shell abandons Russia and Nord Stream 2 pipeline 

  •  Oliver Gill, chief business correspondent 
  • Rachel Millard 
  • James Warrington 
  • Giulia Bottaro

Shell has pledged to sever ties with the Kremlin by exiting its joint ventures with the Russian state-backed energy colossus Gazprom.

The oil giant said it will end its tie-up with Gazprom by selling its 27.5pc stake in the Sakhalin 2 liquefied natural gas (LNG) plant and will stop working on the Nord Stream 2 pipeline project, which Germany put on ice earlier this month.

Shell’s Russian assets were valued at $3bn at the end of last year. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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