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Dow Jones Newswires: Shell CEO: Sakhalin 80% Completed; Working To Standard -3

Tuesday September 12nd, 2006 / 14h10
 
Last week, Russia’s environmental watchdog Rosprirodnadzor said it would seek to revoke Sakhalin Energy’s environmental clearance for the second phase of its project to develop the oil and gas region known as Sakhalin-II after finding fault with the way Sakhalin Energy Ltd. has handled some environmental concerns.

Van de Veer said the consortium always seeks to comply with the exacting standards set for the project, and seeks to rectify any lapses when they happen.

Sakhalin Energy previously said it was “surprised by the fact that minor deviations on this large scale integrated oil and gas project” were being used to challenge its environmental approval. It maintained it had met the “vast majority” of the state’s environmental recommendations from 2003 and was in the process of closing off the rest.
 
Sakhalin Energy currently pumps about 80,000 barrels a day of crude oil from the Sakhalin island, which is located on the Pacific coast. Sakhalin Energy plans to start shipping liquefied natural gas, or LNG, to East Asian and North American markets from 2008.

The Sakhalin Energy consortium is majority owned by Shell, while a subsidiary of Japan’s Mitsui & Co. Ltd. (MITSY) holds a 25% stake and Diamond Gas Sakhalin, a subsidiary of Japan’s Mitsubishi Corp. (8058.TO), holds 20%.

Dow Jones & Co. (DJ), which publishes this and other newswires, and provides news content to CNBC.

Company Web site: http://www.shell.com

-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; [email protected] (Greg Walters in Moscow contributed to this story.)
 

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