31 Aug 2022 09:22

Mitsui decides to stay in Sakhalin-2 project, Russia approves its participation in new operator

MOSCOW. Aug 31 (Interfax) - The Russian government has approved the participation of Japan's Mitsui & Co., Ltd in the new Russian operator of the Sakhalin-2 liquefied natural gas (LNG) project.

The order has been signed by Prime Minister Mikhail Mishustin and published on the official website for legal information.

Mitsui notified Russia of its agreement to take a 12.5% equity stake in Russian operator Sakhalin Energy LLC, which is equivalent to the stake it held in the former project operator, Bermuda-based Sakhalin Energy Investment Company Ltd, the order said.

The direct owner of the stake will be Dubai-based MIT SEL Investment Ltd, a wholly owned subsidiary of Mitsui & Co. Mitsui's stake in Sakhalin Energy Investment Company was held through Netherland-based Mitsui Sakhalin Holdings B.V.

The order instructed Sakhalin Energy LLC to prepare the necessary documents for the transfer of this stake in the company to MIT SEL Investment Ltd.