Tver Oblast: Shell halts operations at its tank farm

Shell stops taking oil at its tank farm near St. Petersburg

Shell has stopped accepting oil at its tank farm in the Tver Oblast region of Russia, according to a report by Reuters. The move comes as the company winds down its operations in the country following the invasion of Ukraine.

The tank farm, which is located near the city of Torzhok, has a capacity of about 2 million barrels of oil. It is one of the largest storage facilities in Russia.

Shell said it is "actively looking for a buyer" for the tank farm. The company has already sold its stake in the Sakhalin-2 oil and gas project and is in the process of selling its other assets in Russia.

The suspension of operations at the tank farm is the latest sign of Shell's withdrawal from Russia. The company has been operating in the country for over 30 years.

Shell's decision to leave Russia is part of a wider trend of Western companies withdrawing from the country. Many companies have suspended their operations in Russia or have sold their assets in the country.

The exodus of Western companies from Russia is a significant blow to the country's economy. It is also a sign of the growing isolation of Russia from the international community.

Impact on the Russian oil industry

The suspension of operations at Shell's tank farm is likely to have a significant impact on the Russian oil industry. The tank farm is a major storage facility for oil that is exported to Europe.

The closure of the tank farm could lead to a decrease in the amount of oil that is exported from Russia. This could lead to an increase in the price of oil.

The Russian oil industry is already facing a number of challenges. The country is facing sanctions from the West and its economy is in recession.

The suspension of operations at Shell's tank farm is likely to make these challenges even more difficult.

Conclusion

The suspension of operations at Shell's tank farm is a significant development. It is a sign of the growing isolation of Russia from the international community and the challenges facing the Russian oil industry.