Shell issues justification to its decision to buy Russian oil

Shell has issued a statement saying it has been in constant touch with various governments to secure alternative energy supplies, but has nevertheless had to keep buying some Russian crude.

PHOTO: Aerial view of Shell Rheinland refinery, Koln, Germany. Shell

British oil supermajor Shell faced backlash for its decision to buy Russian Urals crude.

The company insists that it is looking for substitutes to Russian oil whenever possible, but stresses that the shift cannot happen overnight and that alternative crude cargoes woul not have arrived in time to feed refineries.

"Our refineries produce petrol and diesel as well as other products that people rely on every day. To be clear, without an uninterrupted supply of crude oil to refineries, the energy industry cannot assure continued provision of essential products to people across Europe over the weeks ahead," it said.

The company placed an order of 100,000 mt of heavily discounted crude oil from Russia, CNBC reported.

Last week, Shell announced its plans to exit its joint venture with Russian state-owned oil company Gazprom following the Ukraine invasion.