TTE - Shell working with Chinese state-owned companies to divest Russian assets

China's state-run energy companies are in talks with Shell (SHEL) to buy stakes in Russian gas export projects, according to Bloomberg sources. CNOOC (OTCPK:CEOHF), PetroChina (PTR) and Sinopec (SNP) are in joint discussions to acquire Shell's (SHEL) 27.5% stake in the Sakhalin-2 LNG venture. BP (BP) has also announced plans to exit Russia, including the company's ~20% stake in Rosneft (OTCPK:RNFTF); however, a short list of potential bidders has resulted in BP (BP) pursing talks to sell the stake back to Rosneft (OTCPK:RNFTF) itself. The desire to exit Russia quickly is understandable; however, selling high-quality assets at a deep discount to Russian and Chinese buyers does little to help Ukraine, punish Russia or maximize shareholder value - Total (TTE) for its part, has taken a "wait and see" approach, though the alternative strategy has not helped share price performance. With Q1 results approaching, investors will remain focused on plans to

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Shell working with Chinese state-owned companies to divest Russian assets