Shell bought oil from Russia at a record discount

Shell Oil Company announced that it has purchased crude oil from Russia at a discount of $28.50 per barrel.

The company announced that it had decided to withdraw from projects in the country on February 28, 2022, after Russia's attack on Ukraine.

In this context, it was stated that the company will sell its 27.5 percent stake in the Sakhalin-II LNG facility, 50 percent each in the Salym Petroleum Development and Gydan energy venture, and leave its joint ventures in Gazprom and related institutions.

Shell also plans to end its involvement with the Nord Stream 2 natural gas pipeline project.

As of the end of last year, Shell's current fixed assets in Russia stood at $3 billion, and this decision is expected to damage the value of Gazprom and other organizations.

Shell is the third company to announce that it will leave its projects in Russia, after BP and Equinor.

After the economic sanctions announced by the USA and European countries against Russia, British Petroleum, Equinor, and Shell withdrew their investments in the country. French energy company TotalEnergies has announced that it will not transfer capital to new projects in Russia. Finally, the US energy company ExxonMobil stated that it will cease its operations in the Sakhalin-1 natural gas and oil production field in Russia and will not make any new investments in the country.