Shell said it still buys Russian oil as there is a relative lack of alternatives in the tight market conditions.
The company stopped most activities involving Russian oil, however, it is currently purchasing it and other Russian products for some refineries and chemical plants “to ensure that we continue the production of essential fuels & products that people & businesses rely on every day,” Shell said in a Twitter post on Friday.
It vowed to further reduce its use of Russian oil as alternative crudes become available to buy.
“But this is highly complex as Russian oil plays a significant role in global supply and in the current, tight market there is a relative lack of alternatives,” it said.
“We are appalled by the war in Ukraine and have made clear our intention to exit joint ventures with Gazprom entities. But in compliance with current sanctions, we are working to continue to securely supply energy to our customers,” the company said.
On Tuesday, Shell announced its intention to exit its joint ventures with Gazprom and related entities.
The company's decision came on after Russia's war on Ukraine and includes its 27.5% stake in the Sakhalin-II liquefied natural gas (LNG) facility, its 50% stake in the Salym Petroleum Development and the Gydan energy venture, and an end to its involvement in the Nord Stream 2 gas pipeline project.
Some other oil companies including bp and Equinor also followed the suit to end joint ventures and projects in Russia.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr