pull out from Russia 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.
Commenting on Shell’s decision to buy a cargo of oil at a marked-down price last week, Shell’s chief executive, Ben van Beurden, said he was “sorry”.
“We are acutely aware that our decision last week … despite being made with security of supplies at the forefront of our thinking – was not the right one and we are sorry,” Mr van Beurden said.
Profits from the remaining Russian gas that Shell will process will be sent to a fund, and the business will work with humanitarian organisations to determine how best to spend the money.
Mr van Beurden added that the company’s actions “have been guided by continuous discussions with governments about the need to disentangle society from Russian energy flows, while maintaining energy supplies”.
Rival firm BP announced just over a week ago that it was to offload its 19.75 per cent stake in the Russian state-owned oil firm Rosneft, and that its chief executive, Bernard Looney, was resigning from the board of Rosneft with immediate effect.
BP chair Helge Lund said: “Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region. BP has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change. It has led the BP board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue.”
US-based Exxon Mobil said that it was cutting off links with Russia, leaving oil and gas operations that it had valued at more than $4 billion. It also said it would and suspend new investment there
