News and information on Shell Plc
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.
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, 2022Shell 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.
Reuters
Shell resumes shipping LNG from Prelude off Australia
By Sonali Paul: April 11, 2022MELBOURNE, 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.
“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
The Backdoor That Keeps Russian Oil Flowing Into Europe
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.
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.
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.
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:
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 Guardian
Shell joins BP in selling Russian assets as pressure on Kremlin-linked firms grows
British oil major to exit joint ventures with Gazprom after BP pledged to sell its 20% Rosneft stake
Rob Davies: Mon 28 Feb 2022 18.57 GMT
Shell is to exit its joint ventures with Russian state energy firm Gazprom, a day after BP said it would offload its 20% stake in Kremlin-owned oil firm Rosneft, as British businesses scrambled to distance themselves from Vladimir Putin.
The oil company said it would “exit its joint ventures with Gazprom and related entities”, which are worth about $3bn.
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