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    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    IEA Warns of Global Oil Demand

    IEA Warns of Global Oil Demand Slowdown in 2025

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Oil And Gas Sector in Syria

    Oil And Gas Sector in Syria Looks forward to Resurgence

    OPEC

    OPEC+ Stretches Per Day Oil Output of Saudi Arabia

    Production Surge

    Effect of OPEC+ Production Surge on US Crude Oil Prices

    US Radar

    Those Buying Oil or Petrochemicals from Iran on US Radar

    Raise Asia Oil Prices

    OPEC+ Decision Pushes Saudi Arabia to Raise Asia Oil Prices

    Oil-and-Gas-Expansion

    South Africa Drives Oil and Gas Expansion Strategies

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    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Future-proofing-gas-sector

    Future-proofing Gas Sector for Efficiency and Sustainability

    South-Africa-Oil-and-Gas-Exploration

    South Africa Speeding-up its Oil and Gas Exploration

    Upstream-Exploration

    High-Risk Geographies in Upstream Exploration and Challenges

    Offshore-Drilling

    Innovations Driving the Future of Offshore Drilling

    Gato-do-Mato

    Shell Approves Gato do Mato Project in Brazil

    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

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    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

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Shell will sell Russian fuel stations as part of exit plan

venkat by venkat
May 9, 2022
in Press Releases
0

Shell Plc is in talks to sell its fuel stations in Russia as it withdraws from the country in response to the invasion of Ukraine.

“We can confirm the ongoing negotiations on the sale of Shell Neft, which owns a retail network and lubricants plant which is located in Torzhok,” Shell’s press office said in a statement. “Our key priority is safety of our people and operations, maintaining employment and compliance with the Russian legislation.”

Russia’s second-largest oil producer Lukoil PJSC, which has its own retail network, is the most likely buyer, Forbes reported earlier on Friday, citing an unidentified person from Shell’s office in Russia. Shell’s retail network includes more than 370 branded sites in 28 cities in Russia, according to its website.

Operations of Shell’s retail sites as well as the lubricants plant will be temporarily suspended in the coming days “to facilitate the sale of Shell Neft to a new owner,” Sergey Starodubtsev, head of Shell Russia, said in a separate statement on the company’s website.

The London-based oil producer announced its intent to exit Russia at the end of February, saying it deplored the Kremlin’s “senseless act of military aggression.” Shell’s main investments in the country include a partnership with Gazprom PJSC in the Sakhalin-2 liquefied natural gas project. It also played a part in financing the controversial undersea Nord Stream 2 gas pipeline from Russia to Germany.

On Thursday, Shell took a $3.89 billion impairment charge in relation to the planned exit from Russian, of which about 15% was related to Shell Neft.

 

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