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Daily Star (UK): RUSSIANS IN SHELL SHOCK

By ELIZABETH JAMES

RUSSIA tightened the screw on Royal Dutch Shell and its partners yesterday. 

The state-owned energy giant Gazprom revealed that crucial talks over a stake in an £11 billion gas and oil project had stalled.

The move came as authorities in Europe, London and Tokyo voiced deep concerns over the Kremlin’s decision to revoke environmental approval for the Sakhalin 2 project.

They also expressed fears for other foreign investments in the country. Gazprom was in talks with Shell, which runs Sakhalin 2 in partnership with Japanese giants Mitsubishi and Mitshui, over a possible asset swap which would have seen the Russians with a 25% chunk.

But the Russians said talks had gone “nowhere” for months because of cost overruns.
Britain’s government yesterday said that it it was “deeply concerned” by the situation.

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