Sunday, July 5, 2026

Shell makes U-turn, buys crude oil from Russia

Earlier, Shell had revealed its plans to exit its joint venture in Russia.

• March 5, 2022

Oil giant Shell reneged on its earlier stand on discontinuing relations with Russia by purchasing 725,000 barrels of Urals, Russian flagship crude product. 

On Friday, Shell trading arm bought the product from commodity trader Trafigura at a discount of $28.50 to Brent. 

Financial Times noted that the trade was the first deal completed in a public trading window run by S&P Global Platts since Russia invaded Ukraine. The report pegs Shell’s profit from the purchase at $20 million. 

Earlier, Shell had revealed its plans to exit its joint venture in Russia. Chief executive Ben van Beurden said he was shocked by the loss of life in Ukraine, resulting from a “senseless act” of military aggression, which “threatens European security.”

“Our decision to exit is one we take with conviction,” Mr van Beurden said. “We cannot — and we will not — stand by.

The company will also end its investment in the Nord Stream 2 gas pipeline. Last week, Germany, set to receive Russian gas through the pipeline, announced that it was suspending the operation.

Shell will also sell its 27.5 per cent stake in the Sakhalin-II liquefied natural gas facility and its 50 per cent stakes in two Siberian oil ventures.

Shell said the projects were worth about $3 billion at the end of 2021.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Abiodun Oyebanji

States

Ekiti govt orders free treatment for rescued worshippers

Oyebanji directed the Ministry of Health and Human Services to oversee the welfare and well-being of the rescued worshippers.

Oyo abducted pupils and teachers.

States

Rescue operation ongoing for abducted Oyo pupils, teachers: Army chief

The victims were abducted on May 15 from three schools in the Orire Local Government Area of Oyo.

Gov. Radda vows zero tolerance for gender, child abuse

States

Gov. Radda vows zero tolerance for gender, child abuse

The governor pledged sustained collaboration with relevant stakeholders to strengthen prevention, response, and support mechanisms for GBV victims.

Xenophobia Attacks

Diaspora

Consulate demands justice as another Nigerian killed in South Africa

The consulate called on the South African government to launch an investigation into all alleged murder cases and prosecute perpetrators.

Hockey game used to illustrate the story

Sport

Sports commission reaffirms commitment to hockey revival

Dikko said President Bola Tinubu approved the nationwide rehabilitation of sports infrastructure.

Flood

Ibadan

Oyo govt. desilts waterways to avert flooding

The commissioner said the second phase is currently ongoing across critical river channels and flood-prone locations.