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Shell in talks to offload Russian business to China

The Telegraph

Shell in talks to offload Russian business to China

Shell is said to be turning to Beijing as it looks to offload its stake in a major Russian gas project.

The FTSE 100 energy giant is in joint talks with Chinese state-run firms Cnooc, CNPC and Sinopec over its 27.5pc holding in the Sakhalin-2 liquefied natural gas venture.

The discussions include the potential sale of the stake to one, two or all three of the Chinese companies, though Shell is said to be open to talks with other potential buyers outside China.

It comes after the oil group said it will cut ties with Russia in response to the invasion of Ukraine. Earlier this month the firm warned the decision could cost it up to $5bn (£3.8bn).

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