THE HAGUE (dpa-AFX) - British energy major, Shell Plc (SHEL), said on Tuesday that it will discontinue all spot purchases of Russian crude oil and shut all of its fuel, service stations, and all operations related to aviation fuel, and lubricants in the country with immediate effect.
The company also apologized for buying Russian crude oil last week.
The energy Group said it will not renew term energy contracts and is altering its crude oil, energy supply chain to finally eliminate Russian volumes.
The immediate move serves as part of the company's intention to withdraw its investment from all Russian hydrocarbons, including crude oil, natural gas, LNG, and others in a phased manner that aligned with the new direction from the governments.
Shell Chief Executive Officer Ben van Beurden, also said,'We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel - despite being made with security of supplies at the forefront of our thinking - was not the right one and we are sorry.'
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