Govt approves sale of 27.5% in Sakhalin Energy to Novatek for 95 bln rbl

MOSCOW, Apr 12 (PRIME) -- The government has approved the sale of a 27.5% stake in Sakhalin Energy, the operator of the Sakhalin-2 energy project, for 94.8 billion rubles to Novatek, according to an order released Wednesday.

"To approve the sale price of the share in the amount of 27.49999998621683 percent of the authorized capital of the Sakhalin Energy Limited Liability Company in the amount of 94,800 million rubles and determine that the sale of this share is subject to the Novatek Moscow Region Limited Liability Company," the document read.

The shareholders of a previous operator of the Sakhalin-2 project comprised gas giant Gazprom with a 50% plus one share stake, British-Dutch hydrocarbon giant Shell with a stake of 27.5% minus one share, and Japan’s Mitsui and Mitsubishi with the stakes of 12.5% and 10%, respectively.

In August 2022, the Russian government established a new, local operator of the project, and all foreign companies were allowed to keep their stakes in the new operator, but Shell decided to withdraw.

Kommersant business daily reported last week that the government would compensate the former owner of the stake, Shell, 95 billion rubles. Presently, the money can only be sent to a type C account in Russia where is remains blocked, according to President Vladimir Putin’s order dated June 30, 2022. According to sources, Putin agreed to send the money to Shell’s foreign account.

(82.1799 rubles – U.S. $1)

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