Major trading houses Mitsui & Co. and Mitsubishi Corp. said Tuesday they will consult with the government to assess Shell PLC's planned exit from its flagship oil and natural gas business in eastern Russia.
The British oil major said Monday it is exiting Sakhalin 2, its joint venture with Russian energy company Gazprom and a massive oil and gas project located on Sakhalin island, following Russia's invasion of Ukraine.
Shell has a 27.5% stake in the project, while Mitsui and Mitsubishi hold 12.5% and 10%, respectively.