Shell Plans To Exit JV With Gazprom

(RTTNews) - Shell plc said it plans to exit its joint ventures with Gazprom and related entities, including its 27.5 percent stake in the Sakhalin-II liquefied natural gas facility, its 50 percent stake in the Salym Petroleum Development and the Gydan energy venture. Shell also intends to end its involvement in the Nord Stream 2 pipeline project.

"We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security," said Shell's chief executive officer, Ben van Beurden.

At the end of 2021, Shell had around $3 billion in non-current assets in these ventures in Russia. The company expects that the decision to start the process of exiting joint ventures with Gazprom and related entities will impact the book value of Shell's Russia assets and lead to impairments.

Shell said it stepped up its distributions by announcing an $8.5 billion share buyback program for the first half of 2022, and it expects to increase our dividend per share by 4 percent for the first quarter of 2022.