Official: Sale of Sakhalin 2 stake at stage of legal consideration

MOSCOW, Dec 18 (PRIME) -- The sale of Shell’s stake in the Sakhalin 2 project to Russian partner Novatek is at a stage of legal consideration of the terms, Deputy Prime Minister Alexander Novak said on December 17.

"I think it is on the agenda, there is just the legal expertise of the terms," Novak said.

The official added that the project was operating and selling gas and gas condensate as usual.

The Russian government established Sakhalinskaya Energiya LLC as a new operator of the Sakhalin-2 project on August 19. Russian gas giant Gazprom owned 50% plus one share in the previous operator, Shell had a stake of 27.5% minus one share, and Japan’s Mitsui and Mitsubishi had the stakes of 12.5% and 10%, respectively. Shell refused to participate in the new operator.

Shell said in October it expected the sale of its stake by the Russian government to be completed in January–March 2023.

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