MOSCOW, February 28. /TASS/ Oil and gas concern Shell will not participate in the Nord Stream 2 project, the company announced on Monday.

"The Board of Shell plc ("Shell") today announced its intention to exit its joint ventures with Gazprom and related entities, including its 27.5% stake in the Sakhalin-II liquefied natural gas facility, its 50% stake in the Salym Petroleum Development and the Gydan energy venture. Shell also intends to end its involvement in the Nord Stream 2 pipeline project," the company’s statement said.

"Our decision to exit is one we take with conviction," CEO Ben van Beurden said, adding "We cannot … and we will not … stand by".

In addition, the company will also withdraw from the Sakhalin-2 project.