Both Shell and BP announced they are 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.
FILE - The Shell logo is at a petrol station in London, Jan. 20, 2016. Shell says it pulling out of Russia as President Vladimir Putins invasion of Ukraine costs the countrys all-important energy industry foreign investment and expertise. Shell announced its intention Monday, Feb. 28, 2022 to exit its joint ventures with Gazprom and related entities, including its 27.
Shell’s most important investment in Russia is its stake in the Sakhalin-II project in the waters near Sakhalin Island off Russia’s east coast. Japan-based Mitsui owns 12.5% of the project, and Mitsubishi holds 10%. Still, Shell’s investments in Russia account for a relatively small portion of the company's total reserves and production. Russian assets accounted for less 5% of the company’s worldwide oil and gas production in 2020, according to Shell’s latest annual report.
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