Shell tightens restrictions on Russian oil buying
Published On :
By Ron Bousso and Rowena Edwards
(Reuters) -Shell on Wednesday tightened its restrictions on buying Russian oil, saying it would no longer accept refined products with any Russian content, including blended fuels.
Shell last month said it would phase out buying Russian crude and its involvement in all Russian hydrocarbons from oil to natural gas, after facing an uproar over buying a Russian crude cargo in the days following Moscow’s invasion of Ukraine.
London-based Shell, the world’s largest oil trader, nevertheless continued to accept products with under 50% of fuel from Russia, based on clauses in its trading contracts.
But on Wednesday it said it would no longer accept any such products from Russia.
In a bid for a jet fuel cargo on the Platts trading platform, seen by Reuters, Shell wrote: “It is a condition of this bid that the goods sold and delivered by Seller will not be of Russian Federation (RF) origin, nor have been blended with any product that was produced in RF, nor will the transport of the goods sold commence from or involve transit through RF.
A Shell spokesperson confirmed the change to its terms.
We are working to phase out Russian oil and gas from our supply chain while protecting the energy and fuel supplies that millions of people rely on every day. We are making good progress and have taken a further step to tighten our trading terms to help achieve this,” Shell said.
The new terms do not impact Russian crude purchases, while Shell phases those out.
Europe heavily relies on Russian crude oil and refined products, in particular diesel and jet fuel. Russia is Europe’s biggest oil supplier, providing just over a quarter of EU oil imports in 2020, according to data from the bloc’s statistics office Eurostat.
Blending fuels is common practice and can occur at a company level or in storage tanks which contain a mix of fuels from different countries.
Other European companies including TotalEnergies, Repsol and BP no longer buy any refined products with Russian content.
(Reporting by Ron Bousso and Rowena EdwardsEditing by Jane Merriman and Mark Potter)
Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.
-
-
BUSINESS3 days ago
Germany’s CompuGroup in talks about potential offer by CVC
-
-
-
FINANCE3 days ago
Rachel Reeves to push for UK/EU reset at finance ministers’ meeting
-
-
-
INVESTING3 days ago
At Gulf bitcoin gathering, Trump family and allies to bask in crypto industry’s euphoria
-
-
-
BUSINESS2 days ago
How businesses can defeat corporate fraud and save money: Inside Magda Metreveli’s innovative control methodology
-