Shell faces call to follow BP in exiting Russia

UK shadow climate and net zero secretary Ed Miliband called on Shell on February 28 to follow BP in divesting its assets in Russia in light of Moscow's invasion of Ukraine.

Shell has a 27.5% stake in the Sakhalin-2 offshore LNG project in the Russian Far East, operated by the country's national gas company Gazprom. It is also partnered with Gazprom's oil arm Gazprom Neft at the Salym petroleum development in west Siberia.

"Shell should now follow BP and divest their Russian holdings to isolate the Putin regime," Miliband said on social media. BP announced on February 27 it was divesting its 19.75% interest in Russia's largest oil company Rosneft, and Norway's Equinor also intends to close up its business in the country.

Shell declined to comment to NGW on whether it was reconsidering its business and investments in Russia.

Miliband also urged other governments to pressure oil and gas companies registered in their countries to withdraw from Russia over the ongoing conflict in Ukraine, now in its fifth day. France's TotalEnergies and US major ExxonMobil also have significant positions in the Russian oil and gas sector.

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