The Russian government has decided to sell Shell's minority stake in the Sakhalin LNG project to Gazprom for $1 billion.
The Russian government has decided to sell Shell’s minority stake in the Sakhalin LNG project to state-controlled giant Gazprom for $1 billion, reversing a previous decision to have LNG producer and exporter Novatek have the stake which Shell abandoned after the invasion of Ukraine. In 2022, a decree from Vladimir Putin stipulated that a newly set up state Russian company would take over the rights and obligations of Sakhalin Energy Investment Co.
5% stake in the Sakhalin-2 liquefied natural gas facility, its 50% stake in the Salym Petroleum Development, and the Gydan energy venture. Last year, Novatek applied to buy Shell’s stake in the Sakhalin-2 project. The Russian firm has asked the government for consent that the payment be made to Shell and allowed to be received in a foreign account. Reports emerged in April 2023 that Putin had approved the request by Novatek to allow Shell to receive $1 billion 94.
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