Shell Stock News

By Joe Hoppe

The oil giant also plans to shut its service stations, aviation fuels and lubricants operations in Russia.

Shell plans to withdraw from Russian oil and gas and stop all spot purchases of Russian crude oil as a first immediate step, the British energy major announced on Tuesday.

Oil major Shell on Tuesday apologized for a buying a heavily discounted consignment of Russian oil last week, and announced its intent to withdraw from its involvement in all Russian hydrocarbons.

It was reportedly bought at a record discount, with many firms shunning Russian oil due to Moscow's unprovoked invasion of its neighbor.

Oil major Royal Dutch Shell will put profits from any Russian oil it purchases into a fund that will go towards humanitarian aid to Ukraine, the company said on Saturday.

Shell PLC (LSE:SHEL, NYSE:SHEL, EURONEXT:SHELL) said Tuesday Sinead Gorman will replace Jessica Uhl who is stepping down after five years in the role as chief financial officer on 1 April. Uhl, described as a “key architect” of the oil giant's recent strategic changes, is leaving for family reasons and was not able to commit to a long-term relocation in the UK, Reuters said, citing Shell.

Shell will exit its joint ventures with Russian energy firm Gazprom. It will also pull out of the Nord Stream 2 pipeline project.