Royal Dutch Shell Plc  .com Rotating Header Image

Shell sorry and pledges to stop buying Russian oil

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.

The company said it will immediately stop purchasing Russian crude oil and will shut service stations, as well as halting its aviation fuel and lubricant operations in the country.

The rest of the company’s exit from Russian oil and gas is expected to take some time.

‘Complex challenge’

“This is a complex challenge,” Mr van Beurden said.

“Changing this part of the energy system will require concerted action by governments, energy suppliers and customers, and a transition to other energy supplies will take much longer.”

When Shell was forced to defend its purchase of Russian crude over the weekend, it insisted that it had “no alternative” in order to maintain timely supplies of fuel to Europe.

Russian oil currently makes up about 8% of Shell’s working supplies. One of the firm’s refineries, which produces diesel and petrol and other products, is also among the biggest in Europe.

Cargoes from other sources would not have arrived in time to avoid disruptions to market supply, it said.

It still remains unclear, however, how exactly Shell will replace the volume of energy produced by Russia.

“These societal challenges highlight the dilemma between putting pressure on the Russian government over its atrocities in Ukraine and ensuring stable, secure energy supplies across Europe,” its chief executive added.

“But ultimately, it is for governments to decide on the incredibly difficult trade-offs that must be made during the war in Ukraine.”

He added that the firm would continue to work with governments on how to manage any potential impact on energy supplies.

SOURCE

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Comments are closed.

%d bloggers like this: