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Shell apologizes for buying Russian oil, announces phased withdrawal


The Shell logo is displayed in front of a Shell gas station on July 30, 2020 in San Rafael, California. Royal Dutch Shell reported adjusted second-quarter profit of $638 million compared with a net profit of $3.5 billion a year earlier.

Justin Sullivan | beautiful pictures

Oil majors Cover on Tuesday apologized for buying a highly discounted shipment of Russian oil and announced it would withdraw from all Russian hydrocarbons.

“As an immediate first step, the company will cease all purchases of Russian crude oil. It will also close service stations, aviation fuel and lubrication operations in Russia.” it said in a statement.

On Friday, Shell bought 100,000 tonnes of its main crude Urals crude oil from Russia. It is said to have been purchased at a record discountwith many companies staying away from Russian oil due to Moscow’s Unprovoked Invasion of Neighborhood. The purchase did not violate any Western sanctions.

The company has faced heavy criticism over the purchase, including from Ukraine’s Foreign Minister Dmytro Kuleba, who urged companies cut all business ties with Russia.

Shell CEO Ben van Beurden said on Tuesday that the company was “deeply aware that our decision last week was to purchase a shipment of Russian crude to refine it into products such as gasoline and oil.” diesel – although made with a first-class supply guarantee in our mind – is not true and we regret it.”

Speaking to CNBC last week, Kuleba launched a scathing attack on companies that still do business with Russia, saying that some major oil companies may find themselves going against history.

“The world will judge them. And history will judge them accordingly,” he told CNBC’s Hadley Gamble.

Shell has said that it intends to leave the joint venture with the Russian gas giant Gazprom and its related entities, and last week it announced that it would commit profits from discounting Russian oil to a fund dedicated to humanitarian aid to Ukraine.



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