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Forbes: Royal Dutch/Shell, Gazprom agree asset swap

Forbes: Royal Dutch/Shell, Gazprom agree asset swap

“Royal Dutch/Shell Group said it has signed a memorandum of understanding with Russian group Gazprom regarding the swap of certain assets in Russia.”

Thursday 7 July 2005

AMSTERDAM (AFX) – Royal Dutch/Shell Group said it has signed a memorandum of understanding with Russian group Gazprom regarding the swap of certain assets in Russia.

Under the deal, Gazprom would acquire up to a 25 pct stake plus one share in the Sakhalin-II liquid natural gas venture offshore east Russia. Shell owns 55 pct of Sakhalin-II, while Japan’s Mitsui & Co Ltd and Mitsubishi Corp own the remaining 25 pct and 20 pct.

Shell would acquire a 50 pct stake in Gazprom’s Zapolyarnoye Neocomian hydrocarbon field in West Siberia. Shell is already active in the region with its Salym project.

The difference in value in the assets, yet to be defined by the parties, will be compensated through a package of cash and other assets, Shell said in a statement.

The companies expect to finalize agreement in 2006. Talks on bringing Gazprom into the Sakhalin venture have been underway for several months.

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