Shell Confirms $5 BN Hit From Pulling Out of Russia
By sweN TR
Shell confirms a $5 BN hit from pulling out of Russia.
The impact of oil giant Shell offloading all Russian assets and leaving the Russian spot market could reach $5bn, the company admitted in a statement.
While they are “legally obliged” to honor contracts for Russian fuel signed before Moscow’s operation in Ukraine began, they will not be renewed or new ones signed.
Shell had previously said it will sell off stakes in Russia-based projects involving liquefied natural gas (27.5%) and a Siberian oilfield (50%), and now expects a depreciation of $1.2-1.4bn in its gas division, $2.8-3.1bn in its upstream business and $around $1bn in oil products and chemicals.
