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Shell, Gazprom Neft sign documents on sale of 50% in Salym Petroleum

It was reported in August 2022 that Shell is considering possible legal actions in connection with the court’s decision on transfer of Salym Petroleum Development, the joint venture with Gazprom Neft, to the Russian jurisdiction

MOSCOW, February 2. /TASS/. Shell signed documents with Gazprom Neft on the sale of its 50% stake in the Salym Petroleum Development joint venture in December 2022, Shell said in its report.

"On December 22, 2022, Shell signed transaction documents with GPN to sell its 50% interest in Salym Petroleum Development Limited Liability Company. Completion is subject to a number of approvals in the Russian Federation," the company said.

The company added, "Following the first quarter announcements, Shell assessed the recoverability of the Salym carrying amounts, leading to full impairment amounting to $233 mln in the first quarter 2022."

It was reported in August 2022 that Shell is considering possible legal actions in connection with the court’s decision on transfer of Salym Petroleum Development, the joint venture with Gazprom Neft, to the Russian jurisdiction

Earlier, the Arbitration Court of the Moscow Region upheld the application of Gazprom Neft for the transfer of Salym Petroleum Development from the Dutch jurisdiction to the Russian jurisdiction.