New Sakhalin-1 operator registered in Yuzhno-Sakhalinsk

MOSCOW. Oct 17 (Interfax) - Sakhalin-1 LLC, the new operator of the Sakhalin-1 project implemented under a production sharing agreement, was registered in Yuzhno-Sakhalinsk on October 14, according to data from the Unified State Register of Legal Entities.

JSC Sakhalinmorneftegaz-Shelf is the new operator's sole executive body.

According to a presidential decree and government instruction, a stake of 11.5% will go to JSC Sakhalinmorneftegaz-Shelf, in proportion to the stake in the PSA, and 8.5% will go to JSC RN-Astra. The 80% share of foreign participants - 30% attributable to Exxon Mobil , 30% to SODECO and 20% to ONGC - will be on the books of the LLC itself upon its registration, and foreign companies will have a month to confirm their agreement to receive proportional stakes in the new operator. After the transfer of ownership of all stakes in the new LLC, its participants may elect a new sole executive body or extend the powers of Sakhalinmorneftegaz-Shelf. The business address of Sakhalin-1 LLC is Yuzhno-Sakhalinsk, ul. Sakhalinskaya, 4.