Shell announced its intention to exit its joint ventures with Russia's state-owned energy giant Gazprom and related entities.
Some Moscow residents share their concerns about the impact international sanctions over the invasion of Ukraine will have on their country's economy.LONDON -- Global oil and gas giant Shell said Monday that it is pulling out of Russia as President Vladimir Putin’s invasion of Ukraine continues to cost the country’s all-important energy industry foreign investment and expertise.
“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 Chief Executive Ben van Beurden said in a statement. Russia's economy is heavily dependent on fossil fuels, which account for about 60% of the country's exports. Russia was the world’s third-largest oil producer in 2020, producing 10.5 million barrels of oil a day, or 11% of the world’s total, according to the U.S. Energy Information Agency.
In addition to investment, Shell provided expertise that helped develop Sakhalin-II, Russia’s first offshore gas project. It began year-round production in 2008 and includes three offshore platforms designed to withstand earthquakes and crashing ice sheets in the frozen seas. In contrast, BP’s 19.75% stake in Rosneft accounted for about a third of the company’s oil and gas production last year and almost 17% of earnings.
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