Ukraine-Russia War: Shell plans to withdraw from all oil projects in Russia

UK-Dutch petroleum giant, Shell on Tuesday. announced its intention to gradually withdraw from all oil and gas projects in Russia.

It said that it would stop all spot purchases of Russian oil as a first step.

“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.

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“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,” the company said in a statement.

On Feb. 28, the energy giant said it had decided to withdraw from joint ventures with Gazprom and Gazprom Neft, including the Sakhalin 2 project, and to terminate its participation in the Nord Stream 2 gas pipeline project.