After Buying Low-Price Oil and Gas from Russia, Shell Apologizes, Closes Gas Stations, and Ends Operations in the Country

Written by Valdemar Medeiros

Published on 10/03/2022 at 11:16

Updated on 10/03/2022 at 23:53

Reportagem: Carla Araújo Shell anuncia saída da Rússia, mas compra petróleo russo a preço mais baixo – imagem: Divulgação

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Shell Announced Plans to End Its Involvement in “All Hydrocarbons from Russia”. In a Reversal of Its Position from the Previous Weekend, the Company Said That, “As a First Immediate Step”, It Will Halt All Spot Purchases of Russian Oil

CEO Ben van Beurden Apologized for Shell’s Decision Last Week to Purchase a Shipment of Oil and Gas from Russia, and Reiterated That the Company Will Commit the Profits from the Remaining Quantities of Russian Oil It Processes to a Dedicated Relief Fund. Shell Was Condemned by the Ukrainian Foreign Minister over the Weekend After It Agreed to Buy a Shipment from Mid-March of Urals from Trafigura’s Trading on March 4.

Shell and the Controversy Involving Oil Purchases from Russia

YouTube video — *Shell Announces Disengagements with Russian State-Owned Companies – Reproduction/YouTube*

Shell’s Decision to Stop Purchasing Oil from Russia Comes After TotalEnergies CEO Patrick Pouyanne Said That His Company’s Traders Have Not Received Russian Oil Since the Start of the Invasion of Ukraine. Pouyanne Stated That TotalEnergies Is Not Facing Pressure from European Countries to Reject Russian Gas, While Also Noting That the Russian Gas Producer Novatek – in Which His Company Holds a 19.4% Stake – Is Not Under Sanctions.

Shell Stated That It Will Fully Withdraw from Its Involvement in Crude Oil, Refined Products, Gas, and LNG “Incrementally”, According to New Guidelines from Western Governments. In Addition to the Immediate Suspension of Oil Purchases from Russia in the Spot Market, the Company Stated That It Will Not Renew Futures Contracts. Shell Took 2.18 Million Tons (44,000 b/d) of Maritime Urals Last Year and Was Scheduled to Take 100,000 Tons/Month (24,000 b/d) of Urals Through the Druzhba Pipeline to the Schwedt Refinery in Germany This Year, According to Argus Data.

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Shell Says It Will Withdraw from the Russian Oil and Gas Market

The Company Is Changing Its Supply Chain for Oil and Gas to Remove Volumes from Russia. “We Will Do This as Quickly as Possible, but the Physical Location and Availability of Alternatives Mean That This May Take Weeks to Complete and Will Result in Lower Yields at Some of Our Refineries”, Said van Beurden.

Van Beurden Emphasized That Shell’s Gradual Withdrawal from Russian Petroleum Products, Pipeline Gas, and LNG Will Be “a Complex Challenge” That Will Require “Joint Action from Governments, Energy Suppliers, and Customers”. Shell Is Also Closing Its Gas Stations in Russia, Along with Its Aviation Fuels and Lubricants Operations in the Country.

“Our Actions So Far Have Been Guided by Ongoing Discussions with Governments About the Need to Separate Society from Russian Energy Flows While Maintaining Energy Supply”, Said van Beurden.

“Today’s Threats to Disrupt Pipeline Flows to Europe Further Illustrate the Difficult Choices and Possible Consequences We Face in Trying to Do This.”

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Shell Announced on February 28 That It Will End Its Involvement in the Nord Stream 2 Pipeline Project and Withdraw from Its Partnerships with Russian Gas Giant Gazprom, Including Its 27.5% Stake in the Sakhalin 2 Oil and LNG Project in the Far East of Russia.

According to Bloomberg, Which Monitors This Market, the Oil Company Paid US$ 28.50 Below the Brent Price — an International Benchmark for Oil Trading, Which Soared After the Invasion of Ukraine and Surpassed US$ 110.

After Buying Low-Price Oil and Gas from Russia, Shell Apologizes, Closes Gas Stations, and Ends Operations in the Country

Shell Announced Plans to End Its Involvement in “All Hydrocarbons from Russia”. In a Reversal of Its Position from the Previous Weekend, the Company Said That, “As a First Immediate Step”, It Will Halt All Spot Purchases of Russian Oil

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After Buying Low-Price Oil and Gas from Russia, Shell Apologizes, Closes Gas Stations, and Ends Operations in the Country

Shell Announced Plans to End Its Involvement in “All Hydrocarbons from Russia”. In a Reversal of Its Position from the Previous Weekend, the Company Said That, “As a First Immediate Step”, It Will Halt All Spot Purchases of Russian Oil

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Seen from space, an image taken by an astronaut shows in Argentine Patagonia the exact point where a colossal glacier, a turquoise-blue lake, and a greenish arm of water meet, creating one of the rarest and most impressive landscapes in the region.

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