Economy

Shell justifies 100,000 metric tons Russian oil order

Follow-ups -eshrag News:

Author: 
Mon, 2022-03-07 11:46

RIYADH: UK oil and gas firm Shell Plc has ordered 100,000 metric tons of heavily discounted crude oil from Russia, CNBC reported.

This comes at a time where many corporations worldwide are trying to drift away from Russian supply.  

Defending the purchase, the energy giant stated that it will designate profits to a fund dedicated to humanitarian aid in Ukraine.

Moreover, the company’s purchase did not violate any of the Western sanctions imposed.

“We will continue to choose alternatives to Russian oil wherever possible, but this cannot happen overnight because of how significant Russia is to global supply,” CNBC reported, citing the company.

The oil and gas corporation is working around the security of supply issues closely with the government, according to a statement.

Shell has received heavy criticism by Ukraine’s Foreign Minister Dmytro Kuleba who is urging businesses worldwide to cut all ties with Russia.

Main category: 
Business & Economy
Tags: 
Shell
Russia Ukraine
Oil

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