Posts under ‘US Sanctions’

Fortune

Shell CEO points out loopholes in Russian oil sanctions after announcing record profits

Planned embargoes on Russian oil may be thwarted due to the way the global crude supply chain works, Shell’s CEO explained on Thursday.

Speaking after Shell reported record quarterly profits, Ben van Beurden, the oil giant boss, told reporters that the framework of the world’s crude network left loopholes open in Western government bans on Russian oil.

This is because imported fuels like gasoline, which might have been made from Russian oil but refined outside of Russia, cannot always be traced back to their natural source. read more

Shell plc publishes first quarter 2022 press release

May 05, 2022 02:01 ET | Source: Shell plc

London, May 5, 2022

“The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and has shown that secure, reliable and affordable energy simply cannot be taken for granted. The impacts of this uncertainty and the higher cost that comes with it are being felt far and wide. We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can. read more

Shell tightens restrictions on Russian oil buying

April 27 (Reuters) – Shell SHEL.L on Wednesday tightened its restrictions on buying Russian oil, saying it would no longer accept refined products with any Russian content, including blended fuels.

Shell last month said it would phase out buying Russian crude and its involvement in all Russian hydrocarbons from oil to natural gas, after facing an uproar over buying a Russian crude cargo in the days following Moscow’s invasion of Ukraine. read more

The Telegraph

Ukraine urges Johnson to ensure ‘not a drop’ of Russian oil reaches the UK

Shell, one of the world’s largest oil and gas companies, has pledged to withdraw from Russian oil products, but…

By Rachel Millard: 24 April 2022 • 6:46pm

Ukraine’s government has urged the UK to ensure “not a single drop of Russian oil enters the country”, as it pushed for a “total and immediate” boycott on Russian fossil fuels.

Oleg Ustenko, economic adviser to President Volodymyr Zelenskyy, said it was “no time for half measures”. It comes amid concerns Britain may adopt a definition of Russian oil that allows some Kremlin supplies into the country, even under the impending embargo. read more

Ukraine brands Shell ‘deplorable’ after accusing it of using an ‘accounting trick’ to keep buying Russian oil

By LUCY WHITE FOR THE DAILY MAIL

PUBLISHED: 21:54, 22 April 2022 | UPDATED: 09:52, 23 April 2022

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. read more

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. read more

The Telegraph

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

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

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: Fri, April 22, 2022, 12:27 PM

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

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

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

Reuters

Shell resumes shipping LNG from Prelude off Australia

MELBOURNE, April 11 (Reuters) – Shell Plc (SHEL.L) said on Monday it has resumed shipping liquefied natural gas (LNG) from its Prelude floating LNG facility off northwest Australia after a four-month shutdown due to a major power failure.

A cargo completed loading and left the site on Sunday night, a Shell spokesperson said, declining to disclose the destination.

“Our focus at Prelude remains on the long-term and delivering safe, sustained and reliable performance into the future,” Shell said in a statement. read more

“For Shell, the strategy is not risk free. The company was forced to issue a rare apology last month after its traders bought a single cargo of deeply discounted Russian Urals crude, triggering an outcry that included the Ukrainian foreign affairs minister accusing the company of profiting from Ukrainian blood.”: “The moral question awaits its reckoning.”

The Washington Post

By Javier Blas | Bloomberg: 8 April 2022

When is a cargo of Russian diesel not a cargo of Russian diesel? The answer is when Shell Plc, the largest European oil company, turns it into what traders refer to as a Latvian blend. read more

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

democracynow.org

BP, Shell, Exxon Among Oil Giants Who Have Paid $100 Billion to Russian Gov’t Since 2014

March 28, 2022

On Saturday, Ukrainian President Volodymyr Zelensky addressed the Doha Forum in Qatar, asking oil- and gas-producing countries to up their output to reduce reliance on Russian imports.

This comes as new data reveal Western oil giants including BP, Shell and Exxon have poured nearly $100 billion into Russian fossil fuel projects since its 2014 invasion of Crimea.

The analysis was released by Global Witness, Greenpeace USA and Oil Change International. read more

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

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