3 Aug 2022 19:41

New Sakhalin-2 operator Sakhalin Energy LLC to be registered in Yuzhno-Sakhalinsk - resolution

MOSCOW. Aug 3 (Interfax) - A new operator of the Sakhalin-2 project under the production sharing agreement, Sakhalin Energy LLC, will be registered in Yuzhno-Sakhalinsk, according to a government resolution signed on August 2.

The corresponding draft resolution has been published on the website for draft legal acts.

Andrey Oleynikov, the current head of the Sakhalin Energy branch, will head up the new company.

In June, Russian President Vladimir Putin signed a decree "On the application of special economic measures in the fuel and energy sector due to unfriendly actions of certain foreign states and international organizations." The current shareholders of Sakhalin Energy must agree within a month to receive a stake in the new Russian LLC. If the stake is not claimed by the foreign partner, it is subject to appraisal and sale by the government to a Russian legal entity. The foreigners can receive funds for their stake only after determination and crediting of compensation for the damage they incurred in the course of the project.

Sakhalin Energy is co-owned by Gazprom (50% plus 1 share), Anglo-Dutch Shell (SPB: RDS.A) (27.5% minus 1 share) and Japan's Mitsui (12.5%) and Mitsubishi (10%).

Sakhalin-2 is developing the Piltun-Astokhskoye and Lunskoye fields on the Sakhalin shelf.