Shtokman shareholders will not sign documents for new business model at St. Petersburg Economic Forum - sources
MOSCOW. June 19 (Interfax) - Shareholders in Shtokman Development AG, at the St. Petersburg Economic Forum, which takes place between June 21 and 23, do not plan to sign documents for a new business model for the development of the Shtokman field, several informed sources told Interfax.
Nonetheless, one source said that important announcements could be made in regards to Shtokman. Another source said that a memorandum might be signed but this would depend on meetings between shareholders during the forum.
In March, the timeframe for the founding agreements between shareholders were to come to an end. However, they were unable to reach a final investment decision for the project and decided to rewrite the base terms and extended the term of the agreements until July 1, 2012.
In addition, a decision was made to change the technical conception for the project (for the liquefaction of almost all gas instead of half of volume). As a result, the project's business model is changing. A source said that the stakes held by foreign shareholders in Shtokman Development also might change because of this.
