Shell Chief Committed To Russia, Despite Ukraine
April 19, 2014 • 7:36PM

Royal Dutch Shell has said it will continue its commitments in Russia, in a sign of opposition to the economic sanctions being imposed on that country. Russian President Vladimir Putin met with Shell's chief executive Ben van Beurden, who said he is committed to the company's energy investments in Russia. In fact Shell has plans to invest $100 billion over the next four years. The meeting took place yesterday and was not related to the Ukrainian situation, since that is a "political" issue for the governments, and not for Shell, the company stated.

"Russia is a country of great importance for Shell," van Beurden said after the meeting. "It's a major hydrocarbons resource holder and a growing consumer market, and Shell is one of the biggest direct international investors in its economy. We regularly hold meetings with leaders of the Russian state to discuss business interests and opportunities."

Putin said that Russia will "pledge all the necessary administrative guidance and support that Shell needs to operate and invest in the country."

Van Beurden was in Moscow as part of the 20th anniversary of Sakhalin Energy, a joint venture between Shell and Gazprom, which operates a major liquefied natural gas project in Russia, producing 4.5% of the world's LNG supply, and supply 10% of Japan's LNG. About a week ago, top executives of BP had also traveled to Moscow to state their intention to continue economic cooperation with Russia, despite the sanction regimen.