Letter to Shell in Response to the Russian Invasion of Ukraine, 2 June 2022

...We are writing to ask whether Shell is also removing itself from its share of the Rosneft-Shell Caspian Venture Ltd, in which Shell holds 49% of shares. Rosneft-Shell Caspian Venture Ltd is a 7.5% shareholder in the CPC pipeline, which transports Kazakhstani and Russian oil to Novorossiysk, where the oil is shipped west via the Yuzhnaya Ozereevka terminal.

According to media reports and the CPC website, the company plans to boost exports by 2.9% in 2022. It stands to reason that Shell and the other shareholders will benefit financially from this boost, as Russia continues to mix its oil into the pipeline. We are aware that the CPC pipeline is not yet sanctioned by western governments but consider it to be out of line with Shell’s statement of excluding itself from the Russian oil market to continue to participate in this venture...