15:54 - 6.05.2022

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May 6, Fineko/abc.az. UK-Dutch oil & gas company Shell has reported write-off of assets for $4.24 bn because of the refusal to participate in Russian energy projects and from wholesale fuel purchases from Russia, ABC.AZ informs with reference to company's report for Q1 of 2022, published today.

So, in early March, Shell announced the termination of its activities in Russia. The company decided to abandon mass purchases of Russian oil, close all Shell gas stations in the Russian Federation and change the supply chain of crude oil, excluding Russian raw materials from them.

The document says that Shell has written off $1.126 bn of investments in Nord Stream-2 project and recorded loss of $1.614 bn from participation in Sakhalin-2 project. The oil & gas company also recognized the unprofitability of joint projects with Gazprom Neft, the total losses from participation in which amounted to $386 million.