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Shell's stake in Russian Salym oil project went to Gazprom Neft

Published 02/02/2023, 10:24
Updated 02/02/2023, 10:26
© Reuters. FILE PHOTO: The Royal Dutch Shell logo is seen at a Shell petrol station in London, January 31, 2008. REUTERS/Toby Melville/File Photo

© Reuters. FILE PHOTO: The Royal Dutch Shell logo is seen at a Shell petrol station in London, January 31, 2008. REUTERS/Toby Melville/File Photo

LONDON (Reuters) - Shell (LON:RDSa) in December agreed to cede its half of the Salym oil project in Russia to Russian partner Gazprom (MCX:GAZP) Neft (GPN), it said on Thursday.

Shell had already written down the value of its stake with an impairment of $233 million last year. Its directors resigned from the project last July.

"On December 22, 2022, Shell signed transaction documents with GPN to sell its 50% interest in Salym Petroleum

Development Limited Liability Company," Shell said in its fourth-quarter results.

"The Russian branch of Salym has purportedly been transformed into a Russian LLC," it added.

© Reuters. FILE PHOTO: The Royal Dutch Shell logo is seen at a Shell petrol station in London, January 31, 2008. REUTERS/Toby Melville/File Photo

A Shell spokesperson declined to provide detail as to whether Shell would receive any money for the stake.

The transaction is subject to approvals from Russian authorities.

 

 

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