MOSCOW (MRC) -- Shell said it completed withdrawal from its interest in Salym Petroleum Development in Russia on 3 March, said the company.
Shell Salym Development BV - a subsidiary of Shell plc - completed the withdrawal from its 50% interest in the Salym project, which had been jointly developed with Gazprom Neft, a subsidiary of Gazprom. This follows the receipt of all necessary regulatory approvals.
Shell also intends to end its involvement in the Nord Stream 2 pipeline project. At the end of 2021, Shell had around USD3bn in non-current assets in Russian ventures.
Shell said it expects that the decision to start the process of exiting joint ventures with Gazprom and related entities will impact the book value of Shell’s Russia assets and lead to impairments.
We remind, Shell Chemical Appalachia LLC announced it has commenced operations of its Pennsylvania Chemical project, Shell Polymers Monaca (SPM). The Pennsylvania facility is the first major polyethylene manufacturing complex in the Northeastern United States and has a designed output of 1.6 MMt annually.