Lagatar24 Desk
Moscow, March 8: Shell plc (Shell) announced on Tuesday that, in accordance with recent government instructions, it will phase out its engagement in all Russian hydrocarbons, including crude oil, petroleum products, gas, and liquefied natural gas (LNG).
As a first move, the business will stop buying Russian crude oil on the spot market. It will also cease operations in Russia, including service stations, aviation fuels, and lubricants.
“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,” he added.
