This article was last updated on April 4, 2023
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Shell sells Sakhalin-2 project
Shell is set to receive 1.1 billion euros in exchange for its stake in the Sakhalin-2 oil and gas project in Russia, following approval from Russian President Putin, as reported by Russian newspaper Compelling.
Shell had previously exited Russia after the Ukrainian invasion, and Putin had subsequently transferred all project rights to a new Russian company, leaving Shell without compensation. This led to a $1.6 billion write-off on Shell’s 27.5% project interest. Kommersant reports that the Russian government has accused Shell of causing project damage and intends to offset the compensation against Shell’s accrued dividends. Shell has declined to comment on the matter.
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