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AFX News: Shell hands Sakhalin II control to Gazprom, retains ‘blocking minority’ – report (Shell Surrenders?)

AMSTERDAM (AFX) – Royal Dutch Shell has handed over control over Sakhalin II, the large oil and gas extraction project in Russia, to Gazprom, Dutch news agency ANP reported, citing sources in the industry.

Shell now has a 55 pct stake in Sakhalin II, the ANP said.

According to the new set-up, Shell has a ‘blocking minority’ of at least a quarter in the project, in which around 22 bln usd has been invested, the ANP said.

ANP said the agreement was apparently reached Friday during talks between Shell chief executive Jeroen van der Veer and Gazprom chief executive Alexei Miller.

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