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Shell considers Russia important region of presence in energy transition period

Company is implementing the program for reaching carbon neutrality by 2050

MOSCOW, December 22. /TASS/. Shell considers it important to keep its oil and gas assets in Russia in the period of energy transition as the consumption of traditional energy resources globally will be rising in coming decades, Country Chair Shell Russia Ekaterina Grushetskaya said in an interview with TASS.

"In the era of energy transition Russia remains a very important country for Shell, both in the upstream and downstream segments," she said. Shell is implementing the program for reaching carbon neutrality by 2050, Grushetskaya said, adding that the company believes "the necessity to produce traditional resources exists, and it will persist for decades."

The Netherlands court obliged the company this May to reduce greenhouse gas emissions by 45% by 2030, which Shell has appealed. Meanwhile, the company has committed to cut net emissions from its operations by 50% by 2030 compared with 2016.

Shell’s head in Russia considers it too early to speak about how such a decision, if taken finally, may influence the company’s production business. "There are consumers that are interested in the production of oil and gas continuing, which is why our approach is to reduce emissions at all projects, meanwhile satisfying the demand," she said, adding that "it is particularly this activity that finances the transformation of our business for the energy transition goals."

"We should remember that the humanity will need oil and especially gas for a long period unless we want the global economy to stop. The planet’s population is on the rise, whereas the rates of de-carbonization of various countries and sectors of industry are notably different and are hardly predictable overall. That is why the demand for hydrocarbons will persist in coming decades even amid the most ambitious scenarios of the energy transition," Grushetskaya said.