Displaying items by tag: buying crude oil

Five days after Shell announced it is ending all joint ventures with the Russian energy company Gazprom, on 6 March it admitted having bought Russian crude oil at a discounted price. It said there was no alternative crude supplies which would reach Europe in time. On March 8th Shell said, ‘We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel - despite being made with security of supplies at the forefront of our thinking - was not the right one and we are sorry.’ The business says it will immediately stop all spot purchases of Russian crude oil and will shut its service stations, aviation fuel and lubricants operations in Russia. It says its withdrawal from other associations with Russia will be done ‘in a phased manner, aligned with new government guidance’. They said Russian oil profits will be used to help Ukrainians. See