The Russian gas giant Gazprom will take over the Sakhalin-2 project, after the British-Dutch accepted to sell the majority of shares in the gas extraction company to the Russians.
The Shell decision came after a series of pressures from the Russian authorities that spread over few months, the Mosnews press agency informs.
The Gazprom president, Dimitri Medvedev, said on Tuesday that the company intends to buy some 50% of the shares in the Sakhalin Project, owned by Shell, but the cost remains a problem.
Medvedev’s statement comes shortly after the Shell CEO, Jeroen van der Veer, and the Gazprom executive manager, Alexey Miller, signed an agreement saying that Shell will hold at least 25% of the Sakhalin-2 project.
According to Kommersant, Sakhalin-2 is currently the largest project in liquid gas. Analysts find it quite controversial, since its initial investment reaches 22 billion dollars.
The project aims at extracting from two giant deposits some 150 million tons of oil and 500 billion cubic meters of gas
The project officially has as shareholders Royal Dutch Shell (55%), Mitsui (25%) and Mitsubishi (20%). After signing with Gazprom, Shell shares will represent 25%, while the Japanese companies will hold 10% each.
HotNews.ro, Dec 14, 2006
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