The British energy giant
SHELL PLC
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(NYSE: SHEL) Over the course of last Friday, it purchased nearly 100,000 tonnes of Russian Urals from the state, a decision for which it came under heavy fire.
The main criticism was due to the fact that, according to reports, it purchased the oil at a discount, and that many other oil companies decided at this stage to boycott the trade in Russian resources following Russia’s invasion of Ukraine and although the decision did not violate this or that Western sanction. .
In an attempt to defend its decision, Shell said it was donating the proceeds to a humanitarian fund aimed at helping Ukrainian citizens, and that it “is in close contact with world governments to clear their way around the global shortage of oil supplies alongside the fighting in Eastern Europe.”
The company further added that it did not make the decision lightly and that it understands the strong feelings expressed towards it at this stage.
The company has come under sharp criticism from Ukrainian Foreign Minister Dmitry Kolba, who is demanding that the company sever all ties with Russia, according to a Twitter tweet in which the foreign minister asked whether “Russian oil does not stink of Ukrainian blood?”
In an interview with CNBC, Kolba said he strongly condemned all companies that had not yet done business in Russia and that certain oil companies “may find themselves on the wrong side of history” and that the world and history will judge them accordingly.
Opponent BP announced that it would cease operations in Russia and write off $ 25 billion following this decision in the company’s first quarter reports. The British oil giant has been operating in the country for more than 30 years and has held 20% of the state-owned Russian oil company Rosneft, and has now announced that it will withdraw from its investment, and that Bernard Lonnie, the company’s director, is resigning from the Russian company’s board.
In an attempt to justify its decision to purchase Russian oil, the company said it would agree to receive any “further intention or insight from governments or decision-makers” and added that it would continue to seek and select possible alternatives to Russian oil as much as possible. Russia in the global oil industry “
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