Court allows Shell to sell stake in JV with Gazprom Neft

MOSCOW, Dec 27 (PRIME) -- The Moscow Region Arbitration Court has satisfied a claim of an affiliate of Gazprom Neft to allow Shell to sell its 50% stake in Salym Petroleum Development, a joint venture with the company, according to the documents seen by PRIME on Tuesday.

The text of the court ruling was not published. The claimant, GPN-Salym Projects asked to allow the stake to be sold to another unit of Gazprom Neft, GPN-Middle East Projects. The rights, including the deposit license, will be transferred to the company.

The court suspended the right of Shell Salym Development B.V., the current owner of the stake, to manage the stake in Salym Petroleum Development and to demand its buyout until 2024.

End