Page 13 - FSUOGM Week 10 2023

FSUOGM PROJECTS & COMPANIES FSUOGM

Shell wraps up disposal of Salym

oil venture in Russia

RUSSIA SHELL confirmed on March 3 it had completed violating their shareholder obligations.
the withdrawal from its main oil joint venture in Salym Petroleum was Shell’s other major
It is Shell's main oil Russia after securing regulatory approvals, with development in Russia. It manages several oil-
venture in Russia. its stake received by its local partner Gazprom fields in the Khanty-Mansiysk region of West-
Neft. ern Siberia, and is one of the oldest and most
The UK major agreed in early December that successful foreign partnerships in the Russian
it was ceding its half-share in the Salym Petro- oil sector.
leum Development venture in Western Siberia to An arbitration court in the Moscow region
Gazprom Neft. It had already booked a $233mn satisfied a claim by a unit of Gazprom Neft to
impairment on its interest in Salym Petroleum allow Shell to sell its 50% stake in the joint ven-
last year, and its directors resigned from the pro- ture, Russian media reported in late December.
ject last July. The text of the court ruling was not published.
A spokesperson for Shell declined to com- But according to Prime, the claimant, GPN-Sa-
ment to NewsBase whether the company had lym Projects, requested that Shell be allowed to
received any money for the stake. sell the interest to another unit of Gazprom Neft,
Shell was among the first IOCs to announce GPN-Middle East Projects. The transfer would
its withdrawal from Russia in response to Mos- include Salym Petroleum’s subsoil licences to
cow’s invasion of Ukraine in February last year. oilfields.
The company had held a 27.5% stake in the The court suspended the right of Shell Salym
Gazprom-operated Sakhalin-2 LNG project in Development, the Shell subsidiary that manages
the Russian Far East. But the project was taken the Anglo-Dutch major’s stake in Salym Petro-
over by a Russian state-owned entity in August, leum, to continue holding on to the interest and
after the Kremlin accused its foreign partners of to demand its buyout until 2024. ™

Week 10 07•March•2023 www. NEWSBASE .com P13