Shell, Equinor: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

CORPORATE
Shell Faces $400 Million Writedown on Russia Downstream Assets - Shell (NYSE:SHEL) (London, England) faces writedowns on $400 million in Russian downstream assets, it said on Thursday. The oil major announced on February 28 that it would quit its ventures in Russia with Gazprom and related entities including the flagship Sakhalin 2 liquefied natural gas (LNG) plant and the Nord Stream 2 pipeline project. Subscribers to Industrial Info's Global Market Intelligence (GMI) Plant and Project databases can click here for the profile of the Sakhalin 2 plant and here for the Nord Stream 2 project report. (Reuters)

Equinor Halts Russian Oil Buying - Norwegian energy giant Equinor (NYSE:EQNR) (Stavanger) has stopped trading Russian oil as part of its plan to wind down its operations in Russia in the wake of the invasion of Ukraine, Chief Executive Anders Opedal told Reuters on Thursday. Equinor said on February 28 it will exit its joint ventures with Russia's Rosneft, anticipating a writedown of $1.2 billion. (Reuters)

NATURAL GAS
U.S. Sees Large Gas Storage Draw - The U.S. Energy Information Administration (EIA) said utilities pulled 124 billion cubic feet (Bcf) of gas from storage during the week ending March 4. That compares with a decline of 59 Bcf in the same week last year and a five-year (2017-2021) average decline of 89 Bcf. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on LinkedIn.