![]() This announcement contains forward-looking statements (within the meaning of the U.S. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. ![]() Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. These terms are also used where no useful purpose is served by identifying the particular entity or entities. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. ![]() In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. The companies in which Shell plc directly and indirectly owns investments are separate legal entities. ![]() Today’s announcement follow’s Shell’s decision last week that it intends to end its involvement in the Nord Stream 2 pipeline project and exit its equity partnerships with Gazprom and related entities, including its 27.5 percent stake in the Sakhalin-II liquefied natural gas facility, its 50 percent stake in the Salym Petroleum Development and the Gydan energy venture. We will continue to work with them to help manage the potential impacts on the security of energy supplies, particularly in Europe. “But ultimately, it is for governments to decide on the incredibly difficult trade-offs that must be made during the war in Ukraine. “These societal challenges highlight the dilemma between putting pressure on the Russian government over its atrocities in Ukraine and ensuring stable, secure energy supplies across Europe,” said van Beurden. Changing this part of the energy system will require concerted action by governments, energy suppliers and customers, and a transition to other energy supplies will take much longer.
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