News and information on Royal Dutch Shell Plc
Ukraine brands Shell ‘deplorable’ after accusing it of using an ‘accounting trick’ to keep buying Russian oil
Ukraine’s government has branded Shell ‘deplorable’ after accusing it of using an ‘accounting trick’ to keep buying Russian oil.
Officials in Kyiv said Western companies were continuing to ‘bankroll Putin’s war machine’ despite promising to cut ties with the Kremlin.
The Telegraph
‘Latvian blend’: How Russia bends the rules to keep its oil flowing
There is a growing gap between rhetoric and reality on the vast trade of Russian oil
CITYA.M.
Ukraine’s government writes to Shell, accusing it of ‘bankrolling Putin’s war with an accounting trick’
JACK MENDEL: 22 April 2022
Ukraine has accused energy giant Shell of continuing to “bankroll Putin’s war machine” buy buying oil through an “accounting trick.”
In an angry letter sent to the oil company’s boss, Kyiv branded it “deplorable” that firm was still buying fuel linked to the Kremlin indirectly.
According to the Telegraph, despite a commitment to stop purchasing energy, Shell considers refined oil products as not being Russian if less than half of the blend is from the country.
Three Chinese energy firms are in talks to buy Shell’s stake in a huge Russian natural gas export project, a report says
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.
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.
CNBC
Oil major Shell to write off up to $5 billion in assets after exiting Russia
“These charges are expected to be identified and therefore will not impact Adjusted Earnings.”
Further details of the impact of ongoing developments in Ukraine will be set out in Shell’s first-quarter earnings report on May 5, the company said.
Shell was forced to apologize on March 8 for buying a heavily discounted consignment of Russian oil two weeks after Russia’s invasion. It subsequently announced that it was withdrawing from its involvement in all Russian hydrocarbons.
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.
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.
: 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.
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.
Shell announces intent to withdraw from Russian oil and gas
“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:
QUARTZ
Shell is already backtracking on its boycott of Russian oil
By Aurora Almendral Published March 7, 2022Since 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.”
BOYCOTT SHELL?
Shell criticised for buying oil from Putin’s Russia despite Ukraine invasion
Emails received in the last 24 hours…
FROM СЛАВА (Full name and email address supplied). An ordinary Ukrainian girl whose father is fighting for Ukraine
Dear Shell Company! YOUR FUEL IS UKRAINIAN BLOOD!Please, DON’T SUPPORT RUSSIA! You are still operating in RUSSIA – Ukraine’s aggressor! CLOSE CONNECTION WITH RUSSIAN TERROR STATE RIGHT NOW!!!
STOP THE GENOCIDE OF UKRAINE!
Russia has been conducting terror and crime against humanity on Ukrainian land and cities for nine days already! WE URGE the whole international community to STOP THIS WAR because YOUR families and homes WILL BE THE NEXT!
Reuters
Shell to Put Profits From Russian Oil Trade Into Ukraine Aid Fund
By Reuters: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.
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.”
Shell buys Russian oil days after saying it would limit business with the country for its ‘senseless act of military aggression’ against Ukraine
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.
The Telegraph
Shell pledges Russian oil profits to Ukraine relief after backlash
The British company defended the decision to buy oil from the country, saying it was difficult but necessary.
By Ben Gartside: 5 March 2022 • 11:51am
Shell has pledged to donate any profits it makes from discounted Russian oil to a Ukrainian disaster relief fund, following stinging criticism of its decision to keep buying tankers of crude as war rages.
Shell broke ranks with Western traders on Friday when it bought Russian crude for $28.50 a barrel less than the Dated Brent benchmark for physical oil, saving millions of pounds at a time when global prices are surging.
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