ROYAL Dutch Shell’s key £11 billion Sakhalin project came under threat from the Russian environmental regulator yesterday, writes Andrew Johnson.
The watchdog, Rospirodnadzor, has filed a suit in a Moscow court calling for work to stop at the world’s biggest liquefied natural gas project, Sakhalin-2. Shell owns 55 per cent of the project and is looking to invest $20billion (£11 billion) in it.
The regulator wants work to stop because it says contractors are not complying with environmental rules.
Analysts say the action is politically motivated and a sign the Russian government wants a tighter grip on its strategically vital oil and gas assets at a time when prices are high.
The co-owners of Sakhalin-2 are two Japanese groups, but Shell is in talks to sell down its stake to Russian natural resources group Gazprom to give it a 25 per cent holding.
Analysts believe the government is trying to press Shell to speed up the talks.
It was also reported yesterday that Shell might buy out its two Japanese partners, Mitsui and Mitsubishi, if it sells to Gazprom. Shell shares rose 2p to 1896p.
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