Business | Aug 04

Russia to set up new firm for Sakhalin-2, future of Japanese stakes unclear

Aug 04 (NHK) - The Russian government says it will establish a new company to take over the Sakhalin-2 oil and liquefied natural gas project in the country's Far East.

The announcement adds uncertainty for the Japanese companies with stakes in the project.

The Kremlin said on Wednesday that the new company will be based in Yuzhno-Sakhalinsk, the main city of the Sakhalin region.

The project is currently operated by Sakhalin Energy Investment Company.

Its shareholders are Russia's state-affiliated gas firm Gazprom, Britain's Shell and Japanese trading houses Mitsui & Co. and Mitsubishi Corporation.

Shell has a 27.5 percent stake in Sakhalin Energy, while Mitsui and Mitsubishi hold 12.5 percent and 10 percent respectively.

Russian President Vladimir Putin signed an order on June 30 to establish a new company and transfer Sakhalin Energy's assets to it.

The government on Tuesday said the necessary registration process should be carried out within three days. ...continue reading

Source: ANNnewsCH

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