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