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Financial Times: Has Shell ceded control of Sakhalin 2?: ‘Shell shares are down 1 per cent’

Published: December 11 2006 09:51 | Last updated: December 11 2006 09:51

The big story we are working on this morning is that it seems as if Royal Dutch Shell has agreed to give up control of its Sakhalin-2 project to Gazprom.

This follows months of government pressure but some of the reports out of Russia on this topic have been conflicting, as different Russian officials have different agendas.

According to Reuters, both companies confirmed that their chief executives met in Moscow on Friday but wouldn’t elaborate. The wire says Shell has agreed to cut its 55 per cent to a blocking minority stake. We need more details but Shell shares are down 1 per cent. A lot of foreign companies active in Russia have a lot to fear from this news if it is correct, not least BP.

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