Shell is selling its stake in a joint venture with Gazprom in Siberia.

The British oil and gas company Shell signed documents with the Russian company “Gazprom Nafta” on the sale of 50% of LLC “Salym Petroleum Development”, which is engaged in the development of fields in Salim in western Siberia.

According to the company’s quarterly report, the completion of the deal depends on obtaining a number of permits in the Russian Federation.

“On December 22, 2022, Shell signed documents with Gazprom Nafta on the sale of its 50% stake in Salym Petroleum,” the company said.

The war in Ukraine and Shell’s position:

On February 24, 2022, Russia launched a full-scale invasion of Ukraine. Almost immediately, large shareholders began to curtail their activities near the aggressor country.

In May, information appeared that Shell is negotiating the sale of its 27.5% stake in the Sakhalin-2 project.

Later, Shell wrote off 27.5% of Sakhalin-2 shares for $1.6 billion.

On September 2, 2022, the oil and gas giant Shell announced that it was withdrawing from the Russian Sakhalin-2 liquefied natural gas project. The decision to withdraw from the project was made after the president of the aggressor country, Vladimir Putin, transferred the large facility to a new operating company.