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.
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.