The UK-based oil company said Monday it would dump its 27.5% stake in the Sakhalin-2 liquified natural gas facility, its 50% stake in a project to develop the Salym fields in western Siberia and its 50% interest in an exploration project in the Gydan peninsula in northwestern Siberia.
“Our decision to exit is one we take with conviction,” van Beurden said. “We cannot — and we will not — stand by.”
The company was one of five that provided 50% of the financing and guarantees for the estimated €9.5 billion ($10.6 billion) cost of building Gazprom’s Nord Stream 2 pipeline under the Baltic Sea between Russia and Germany. The project was effectively killed off last week when German Chancellor Olaf Scholz said the country would halt certification of the pipeline.
Its subsidiary, Exxon Neftegas Limited, has a 30% stake in Sakhalin-1 — a vast oil and natural gas project located off Sakhalin Island in the Russian Far East. It has operated the project since 1995 on behalf of a consortium that includes Japanese and Indian partners, as well as two affiliates of Rosneft.
— Chris Liakos contributed to this article.