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RIA Novosti: stake in Sakhalin II project

14:22 | 24/ 10/ 2006 

ST. PETERSBURG, October 24 (RIA Novosti) – Shell does not intend to sell its stake in Sakhalin Energy, the operator of the Sakhalin II oil and gas project in Russia’s Far East, the head of Shell Russia said Tuesday.

The Anglo-Dutch oil major has come under attack from Russian authorities over environmental violations on the country’s largest island.

Christopher Finlayson said there were no changes in the timeframe for implementing the Sakhalin II project, and that the first delivery of liquefied natural gas was expected in the summer of 2008.

On September 18, the Natural Resources Ministry annulled its own 2003 Sakhalin Environmental Expert Review (SEER), which gave the project a positive evaluation, following action from prosecutors. However, it has yet not formally implemented its decision.

Yury Trutnev, Russia’s natural resources minister, said earlier that the results of the investigation into violations of environmental laws will be made public on October 25, during his visit to Sakhalin.

Russia signed the Sakhalin II production-sharing agreement in 1994 with Sakhalin Energy, an investment company controlled by Royal Dutch Shell.

The Sakhalin II project comprises an oil field with associated gas, a natural gas field with associated condensate production, a pipeline, a liquefied natural gas plant and an LNG export terminal. The two fields hold reserves totaling 150 million metric tons of oil, and 500 billion cubic meters of natural gas.

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