Oil titan Shell has announced that it will exit all of its joint ventures with Gazprom, Russia’s state owned energy company, following BP’s decision to exit the country yesterday.
The move will see Shell pull out of its 27.5% stake in the Sakhalin-II liquefied natural gas facility, its 50% stake in the Salym Petroleum Development and the Gydan energy venture.
The London-listed company will also end its involvement in the controversial Nord Stream 2 pipeline project.
The value of Shell’s joint ventures in the country is approximately $3bn, according to recent company financial statements.
On Sunday, BP said it would offload its 19.75% stake in state-owned Russian oil giant Rosneft “with immediate effect” following the invasion of Ukraine.
The firm’s chief executive Bernard Looney is also resigning from Rosneft’s board along with its other Rosneft director, Bob Dudley, it said in a statement.
The statement said Russia’s invasion of Ukraine “caused us to fundamentally rethink BP’s position with Rosneft”.