(Bloomberg) — Shell Plc’s chief executive officer took personal responsibility for a controversial purchase of Russian crude oil last week and said no one would be fired for it, people with direct knowledge of the matter said.
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Europe’s largest oil company suffered blowback after buying a cargo of Urals crude at a record-low discount from Trafigura Group on March 4, just days after saying it would divest from Russia because of the Ukraine invasion. Shell initially defended the deal, saying it was in line with government guidance, but the energy giant later apologized and committed to ending all purchases of Russian oil, refined products and gas.
During a companywide virtual town hall, CEO Ben van Beurden was asked whether anyone would be fired over the trade, said people who watched Wednesday’s meeting and asked not to be identified because it wasn’t public. The 63-year-old Dutchman said no, adding that the purchasing decision was taken up the chain of command and not made by an individual trader.
Shell declined to comment.
The London-based company bought the offending shipment from Trafigura at $28.50 a barrel below Dated Brent, a benchmark for physical oil trades globally. After a barrage of criticism, Shell said cargoes from other sources wouldn’t have arrived soon enough to avoid supply disruptions.
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Source: https://finance.yahoo.com/news/shell-boss-says-no-one-135752949.html