8th Mar 2022 11:33
(Alliance News) - Shell PLC said on Tuesday that it will withdraw from involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas, following Russia's attack on its neighbouring country.
The London-based oil and gas company said the withdrawal would be done in a "phased manner" in alignment with new government guidance.
Shell said it will stop spot purchases of Russian crude oil and shut its service stations, aviation fuels and lubricants operations in Russia.
The UK company also apologise for buying a cargo of Russian oil following the invasion of Ukraine.
"We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel – despite being made with security of supplies at the forefront of our thinking – was not the right one, and we are sorry," said Shell Chief Executive Ben van Beurden.
"As we have already said, we will commit profits from the limited, remaining amounts of Russian oil we will process to a dedicated fund. We will work with aid partners and humanitarian agencies over the coming days and weeks to determine where the monies from this fund are best placed to alleviate the terrible consequences that this war is having on the people of Ukraine."
Shell shares were up 0.2% to 1,984.80 pence in London late Tuesday morning.
By Heather Rydings; [email protected]
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