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Reuters: Gazprom says Shell’s cost hike hits asset swap plan

Reuters: Gazprom says Shell’s cost hike hits asset swap plan

Friday July 15, 2005

MOSCOW, July 15 (Reuters) – Russian gas monopoly Gazprom said on Friday it was considering Shell’s assets on Sakhalin as less expensive after the oil major doubled the project’s cost estimates this week to $20 billion.

Earlier this month, Gazprom agreed to swap a 50 percent stake in a Siberian gas field for a 25 percent stake in the Shell-led giant liquefied natural gas project in Russia’s Far East.

On Thursday, Shell said it was not only increasing the cost estimate for Sakhalin, but also postponing the first LNG shipment from the end of 2007 to summer 2008.

( Posted here by John Donovan of http://royaldutchshellplc.com/ )

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