Shell to exit joint ventures with Gazprom, citing Russia invasion of Ukraine

Shell cited Russia’s invasion of Ukraine and said it would also end its involvement in financing the Nord Stream 2 pipeline project (Photo: Reuters) — Shell cited Russia’s invasion of Ukraine and said it would also end its involvement in financing the Nord Stream 2 pipeline project **(Photo: Reuters)**

1 min read . Updated: 01 Mar 2022, 08:40 PM IST Jenny Strasburg

Energy giant’s move follows BP decision to divest its stake in Russia’s state-controlled oil producer Rosneft

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LONDON : Shell PLC said it would exit its joint ventures with Russian energy giant Gazprom PJSC, a day after BP PLC said it would divest its nearly 20% stake in Russia’s state-controlled oil producer Rosneft.

Shell cited Russia’s invasion of Ukraine and said it would also end its involvement in financing the Nord Stream 2 pipeline project, a natural gas pipeline project recently sanctioned by the U.S.

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Shell owns a 27.5% stake in a major offshore gas project in Russia’s far east that is 50% owned by Gazprom and supplies around 4% of the world’s liquefied-natural gas market.

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