Shell completely stops buying oil from Russia on the spot market
Oil and gas giant Shell is completely stopping buying oil from Russia on the spot market and is also working to completely exclude Russian oil from supplies.
This was reported by the press service of Shell.
"We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel – despite being made with security of supplies at the forefront of our thinking – was not the right one and we are sorry," Shell wrote.
As before, the company plans to transfer the proceeds from this oil to the fund to help Ukrainians. The company eventually decided to "immediately stop buying Russian crude oil on the spot market and we will not renew term contracts."
At the same time, the company will discuss with the governments of a number of countries to change the supply chain of crude oil to exclude Russian raw materials.
"We will do this as fast as possible, but the physical location and availability of alternatives mean this could take weeks to complete and will lead to reduced throughput at some of our refineries," the company explained.
Shell plans to close aviation fuel and lubricant service stations in Russia. The company will consider the safest way to do this, the process will begin immediately.
The company will also gradually withdraw Russian oil products, pipeline gas, and LNG. "This is a difficult challenge. Changing this part of the energy system will require concerted action by governments, energy suppliers, and consumers, and the transition to other energy supplies will take much longer," Shell said.
Note
Oil giant Royal Dutch Shell has decided not to stop financing Russia by buying Russian oil but will invest the proceeds from its sale in a humanitarian aid fund to Ukraine.
Europe's largest oil company, Shell, has bought a consignment of Russian Urals oil at a record discount, despite a massive abandonment of other companies' Russian energy resources.
