Shell to exit joint ventures with Russia's Gazprom; to abandon Nord Stream 2

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Updated 01 March 2022
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Shell to exit joint ventures with Russia's Gazprom; to abandon Nord Stream 2

British multinational oil and gas company Shell Plc has decided to exit all joint ventures with Russian gas giant Gazprom.

This includes its 27.5 percent stake in the Sakhalin-II liquefied natural gas facility, and its 50 percent stake in the Salym Petroleum Development. 

“We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security,” Shell CEO Ben van Beurden said in a statement.

Shell also said that it is intending to withdraw its involvement in Nord Stream 2, the offshore gas pipelines project. 

Last week Germany announced it was halting progress on the controversial pipeline, which transports gas from Russia to the country.

The decision from Shell comes just a day after BP abandoned its stake in Russian oil giant Rosneft, a move that could cost the British behemoth $25 billion. 


Closing Bell: Saudi main index closes in green at 11,382 

Updated 27 January 2026
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Closing Bell: Saudi main index closes in green at 11,382 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 111.21 points, or 0.99 percent, to close at 11,381.83. 

The total trading turnover of the benchmark index was SR6.37 billion ($1.70 billion), as 204 of the listed stocks advanced, while 56 retreated. 

The MSCI Tadawul Index also rose, adding 13.85 points, or 0.91 percent, to close at 1,533.33. 

The Kingdom’s parallel market Nomu gained 8.39 points, or 0.04 percent, to close at 23,749.38. This came as 30 of the listed stocks advanced, while 45 retreated. 

The best-performing stock was East Pipes Integrated Co. for Industry, with its share price surging 9.94 percent to SR146. 

Other top performers included Tourism Enterprise Co., which saw its share price rise by 9.93 percent to SR14.17, and Thob Al Aseel Co., which saw a 7.84 percent increase to SR3.99. 

On the downside, Saudi Arabian Mining Co. was among the weaker performers, with its share price falling 2.64 percent to SR77.40. 

Saudi Paper Manufacturing Co. saw its shares fall 2.54 percent to SR57.50, while Yamama Cement Co. declined 2.07 percent to SR27.40. 

On the announcements front, Future Vision for Health Training Co. signed a two-year cooperation agreement with King Saud University aimed at strengthening links between academia and professional readiness. 

According to a Tadawul statement, the partnership focuses on the joint development and execution of specialized training programs for university students, aiming to enhance their practical skills and employability. 

The initiative includes coordinated efforts in training design, academic supervision, and program evaluation, with the goal of better preparing graduates for the labor market. 

The agreement, which is renewable by mutual consent, is expected to start generating a positive financial impact in the second half of 2026. The company said no related parties are involved in the deal. 

The company’s share price closed at SR7.30 on Nomu, marking a 1.39 percent decrease.