Shell signs documents to sell 50% in Salym Petroleum Development

MOSCOW, Feb 2 (PRIME) -- British-Dutch oil giant Shell has signed documents with Russian oil company Gazprom Neft to sell its 50% stake in joint venture Salym Petroleum Development, Shell said in a report on Thursday.

“On December 22, 2022, Shell signed transaction documents with Gazprom Neft to sell its 50% interest in Salym Petroleum Development Limited Liability Company. Completion is subject to a number of approvals in the Russian Federation,” the document read.

All Shell’s contracts to buy pipeline natural gas, crude, and oil products from Russia expired at the end of 2022.

“All of Shell's long-term 3rd party purchases of Russian crude have stopped (when contractually allowed and all by the end of 2022). All of Shell's contracts to purchase refined products exported from Russia have also ended. Shell's two pipeline gas contracts terminated by the end of 2022,” the report read.

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