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Shell sees opportunity in Russia

July 27, 2012 at 7:47 AM   |   Comments

THE HAGUE, Netherlands, July 27 (UPI) -- Energy company Shell declared it was open to investing in the Russian liquefied natural gas and oil sector.

Royal Dutch Shell Chief Executive Officer Peter Voser said following the announcement of second-quarter earnings that Shell had a successful partnership already with Gazprom in eastern Siberia.

"From a strategic point of view we are open to further investments in Russia and therefore are looking at opportunities either (in) oil or LNG," he was quoted by The Daily Telegraph newspaper in London as saying. "We have talked with the various players. Those talks include Gazprom."

Shell was mentioned as a possible purchaser of BP's stake in embattled Russian venture TNK-BP before Russian energy company Rosneft entered the picture this week.

Voser said the Kremlin appears more welcoming to foreign investments in the country during the last few years.

"Shell will see what they can do with that," he said.

Shell reported that profits during the three months ending in June were down $5.9 billion. Voser credited much of that decline with falling energy prices.

Energy prices in recent months have declined in large part because of geopolitical concerns with Iran and the ongoing debt crisis in the eurozone.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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