Shell has decided to withdraw from joint ventures with Gazprom. The company is going to stop participating in Nord Stream 2

The British-Dutch oil and gas company Shell has announced that it will pull out of joint ventures with Russia's Gazprom and its affiliates. This was reported by the press service of Shell.

We are talking about the project for the production of liquefied gas "Sakhalin-2", where Shell has a share of 27.5%, as well as Salym Petroleum Development (50%) and Gydan Energy (50%). In addition, Shell intends to terminate its participation in the Nord Stream 2 gas pipeline project.

“At the end of 2021, Shell’s fixed assets in these enterprises in Russia amounted to about $3 billion. We expect that the decision to begin the process of exiting the joint ventures with Gazprom and related entities will impact the carrying value of Shell's assets in Russia and result in their impairment,” the company said in a statement.

• The day before, the British oil and gas company BP announced that after Russia's invasion of Ukraine, it decided to get rid of its stake (19.75%) of Rosneft shares and exit other joint ventures with the Russian state-owned company.