Foreign shareholders have until September 4 to submit an application to retain ownership of the Sakhalin-2 project.
The British-Dutch company Shell has decided to withdraw from the Russian project for the production of liquefied natural gas Sakhalin-2. The company announced this on Thursday, September 1.
“Shell will not participate in the new company, established by order of the Russian government as the operator of the Sakhalin-2 LNG project. We have notified the Russian federal government and our partners in Sakhalin Energy Investment that we will not accept of stake in the new legal entity and reserving all our legal rights,” Shell said in a statement.
It was learned that foreign shareholders, especially Shell, had until September 4 to apply for retention of ownership. Shell tried to sell its 27.5% stake. Now they are likely to be the property of the Russian Federation.
At the end of June, the President of Russia Vladimir Putin signed a decree on the application of special economic measures in the fuel and energy sector in connection with the unfriendly actions of some foreign states and international organization. Accordingly, all rights and obligations of the former operator of the Sakhalin-2 project Sakhalin Energy Investment Company Ltd. was transferred to a specially created LLC Sakhalin Energy. The new operator announced the start of work on August 19.
Also on August 5, Putin signed a decree banning transactions with shares of investors from “unfriendly countries” in strategic Russian enterprises, fuel and energy companies and banks. According to the document, the ban is valid until the end of 2022, but the period can be extended.
It can be recalled that after the start of the war between Russia and Ukraine, Shell announced its decision to withdraw from projects in the Russian Federation. In May, the company sold its network of about 400 gas stations and an oil production plant in the Tver region to Lukoil.
In the same month, Shell withdrew from a joint project with Gazprom Neft – Gydan Energy.
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Source: korrespondent
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