British oil giant Shell PLC has informed Russia it will not participate in Moscow's new Sakhalin 2 oil and gas energy project, Bloomberg reported Friday.
The decision by the London-based firm, which held an approximately 27.5 percent stake in the previous operator of the project in the Russian Far East, comes in line with its announcement of its exit from Russia following Moscow's invasion of Ukraine.
Japanese trading houses Mitsui & Co. and Mitsubishi Corp., meanwhile, have decided to keep their stakes of 12.5 percent and 10 percent, respectively, in the new operator and have received Russian approval.
The new entity was set up in early August under a decree by Russian President Vladimir Putin. An affiliate of Russian energy firm Gazprom had a stake of around 50 percent in the old operator.