September 21, 2023
Shell announces its exit from Russia but buys Russian oil at a lower price - 04/03/2022

Shell announces its exit from Russia but buys Russian oil at a lower price – 04/03/2022

although She announced her departure from RussiaShell continues to do business with Vladimir Putin’s country and has increased its profits during the war in Ukraine.

Shell is the world’s largest oil company, including a strong share in the Brazilian market. The subsidiary operating in Europe bought a shipment of key crude oil sold by Russia at a record discount, indicating its intention to maintain transactions with the country.

According to Bloomberg, which monitors this market, the oil company paid $28.50 less than the value of Brent crude – an international benchmark for oil trading, which rose after the invasion of Ukraine and topped $110.

The price includes delivery, which means that Shell will not be responsible for the transportation of the goods.

Governments have not yet imposed sanctions on Russian oil and gas, fearing the impact of the measures on oil prices. fuel Hence on inflation.

But the Shell purchase has a symbolic and even encouraging weight for the rest of the market, given that it is the world’s largest oil company. The purchase indicates that, even with difficulties and at low prices, the Russians will continue to find buyers for oil extracted in the Urals region.

Shell announced on Monday (28th) that it will withdraw from all of its Russian operations, including the Sakhalin 2 LNG plant, in which it holds a 27.5% stake, in partnership with the Russian gas giant Gazprom. The decision came a day after its rival, BP, announced that it would sell its stake in Russian oil company Rosneft.

The column has solicited the company for comment on the purchase, but it has yet to receive a response.