A Russian company will become the operator of Sakhalin-2

AK&M 01 July 2022 11:11

Russian President Vladimir Putin signed a decree "On the application of special economic measures in the fuel and energy sector in connection with the unfriendly actions of some foreign states and international organizations." The relevant document is posted on the Kremlin's website.

In accordance with the decree, the operator of the Sakhalin-2 project, instead of Sakhalin Energy Investment Company Ltd, registered in Bermuda, will be a Russian company in the form of an LLC. The property of Sakhalin Energy created under the PSA is subject to immediate transfer to the ownership of the Russian Federation, the decree emphasizes.

The Piltun-Astokhskoye and Lunskoye fields of the Sakhalin sea shelf are being developed as part of the Sakhalin-2 project. The shareholders of Sakhalin Energy are Gazprom (50% plus one share), Shell (27.5% minus one share), Mitsui & Co. (12.5%), Mitsubishi (10%).