Europe’s largest oil company, Shell, has announced its intention to phase out all Russian hydrocarbon projects, including oil, petroleum products, gas and liquefied natural gas.

According to the company’s press release, in particular, Shell will immediately stop buying Russian oil on the spot market and will not renew fixed-term contracts, as well as close its service stations and stop working with aviation fuels and lubricants in Russia.

At the same time, Shell promises to change oil supply chains to eliminate Russian volumes.

“We will do this as soon as possible, but the physical location and availability of alternatives means that it may take weeks and reduce the capacity of some of our refineries,” said Shell CEO Ben van Berden.

He added that the company will also phase out Russian oil products, pipeline gas and LNG, but this process will take much longer.

“These societal problems underscore the dilemma between putting pressure on the Russian government over its atrocities in Ukraine and ensuring a stable, secure energy supply across Europe,” van Berden said.

He also apologized for the company’s acquisition of a batch of Russian oil last week.

“We are well aware that our decision last week to buy a shipment of Russian crude oil for refining for petrol and diesel – despite the fact that we thought about security of supply – was wrong, and we apologize,” said Shell CEO Ben Van. Berden.

He also assured that the profits from the refining of previously purchased Russian oil will be transferred to a special fund to overcome the effects of the war in Ukraine.

“In our actions, we have been guided by ongoing discussions with governments about the need to separate society from Russia’s energy flows while preserving energy supplies. we face it when we try to do it, “added Shell’s CEO.

As reported, the day before, Russian Deputy Prime Minister Alexander Novak said that the Russian government considers it its right to impose an embargo on gas pumping to Europe through the Nord Stream-1 gas pipeline , which is currently loaded at the maximum level, but so far no decision has been made . He also warned of a record rise in oil and oil prices if Western countries refuse to buy these raw materials in Russia.

It should be noted that last week Shell announced its intention to terminate its participation in the Nord Stream-2 gas pipeline project and withdraw from the joint-stock partnership with Gazprom and related companies.

(C)CENSOR NET 2022