Shell may exit businesses in the UK, Germany and the Netherlands
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Shell is considering the exit of its electricity retailers in the UK, Germany and the Netherlands. The company explained that this is due to tough market conditions.
Shell clarified that it has begun a strategic review of the three enterprises. It will probably take several months. So far, no concrete decision has been made. The exact dates when the fate of enterprises will be decided are not given, reports Reuters with reference to the company’s statement.
The agency writes that in 2022, European energy suppliers are faced with sharp increases in wholesale prices. Against this backdrop, last year Shell invested nearly $1.5 billion in its UK electricity retail business to help it cope “with huge electricity price volatility that has caused several rival UK utilities to collapse.”
In February 2022 Shell announced withdrawal from all oil and gas projects in Russia. In December, Gazprom Neft asked through the court to allow Shell to sell to the structure of the Russian company a share in their parity joint venture OOO Salym Petroleum Development for the purpose of consolidating the asset. In the same month, the court granted the application of the oil company.
Details – in the material “Kommersant” “Gazprom Neft is letting Shell go”.
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