March 26 2024
The value of the former Shell share is 94.8 billion rubles
The Government of the Russian Federation has determined that a 27.5% share of ‘Sakhalin Energy’ LLC (the operator of the Sakhalin-2 project) will be sold to the ‘Sakhalin Project’ company (owned by ‘Gazprom Sakhalin Holding’ LLC). The sale price will be 94.8 billion rubles. The corresponding order No. 701-r dated March 23, 2024 is posted on the portal of legal acts.
“In accordance with the rules for assessing and selling a share in the authorized capital of ‘Sakhalin Energy’ LLC… to approve the sale price of the share in the amount of 27.49999998621683 percent of the authorized capital… in the amount of 94,800 million rubles and determine that the specified share is subject to sale to ‘Sakhalin Energy’ LLC project,” the document says.
At the same time, order No. 890-r dated April 11, 2023, which determined that the share would be sold to ‘NOVATEK Moscow Region’ LLC, is declared invalid.
Let us recall that the Sakhalin-2 project, implemented under the terms of a production sharing agreement since 1994, is the first LNG plant in Russia, producing about 11.5 million tons per year. The Piltun – Astokhskoye and Lunskoye gas fields of the Sakhalin sea shelf are part of this project. The operator Until the summer of 2022 ‘Sakhalin Energy’, registered in Bermuda, was the operator of Sakhalin-2; 50% plus one share of which belonged to Gazprom, 27.5% to Shell, 12.5% to Mitsui & Co, 10% to Mitsubishi.
Former shareholders of the Sakhalin-2 project lost the right to participate in it in accordance with the decree of Russian President Vladimir Putin dated June 30, 2022 “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 new project operator, ‘Sakhalin Energy’ LLC registered in Yuzhno – Sakhalinsk with an authorized capital of 10 thousand rubles began work on August 19, 2022.
At the end of August, Mitsui and Mitsubishi informed the Russian authorities of their desire to maintain a stake in the project, and the government allowed them to transfer similar stakes in the new operator (12.5% and 10%). At the end of February 2022, Shell announced plans to exit this project and its other Russian assets.
The remaining share after Shell (27.5%) of Sakhalin Energy was to be transferred to a new shareholder who had passed the selection process.
marinejournal.info 