Shell cited Russia’s invasion of Ukraine in its announcement.
Photo: David Paul Morris/Bloomberg News
LONDON— Shell SHEL -1.42% PLC said it would exit its joint ventures with Russian energy giant Gazprom OGZPY -42.08% PJSC, a day after BP PLC said it would divest its nearly 20% stake in Russia’s state-controlled oil producer Rosneft.
Shell cited Russia’s invasion of Ukraine and said it would also end its involvement in financing the Nord Stream 2 pipeline project, a natural gas pipeline project recently sanctioned by the U.S.
Shell owns a 27.5% stake in a major offshore gas project in Russia’s far east that is 50% owned by Gazprom and supplies around 4% of the world’s liquefied-natural gas market.
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