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Forbes/AFX News Limited: Shell declines to divulge details of outcome of Sakhalin talks with Gazprom

12.11.06, 4:13 AM ET

LONDON (AFX) – Royal Dutch Shell PLC has declined to detail the outcome of Friday’s talks between the Anglo-Dutch oil group and Russian gas monopoly Gazprom regarding the 20 bln usd Sakhalin-2 gas project.

A Shell spokesman in London said ‘Sakhalin-2 related issues were discussed’ during the meeting between Shell chief executive Jeroen van der Veer and his Gazprom counterpart, Alexei Miller.

Russian energy minister Viktor Khristenko also attended the meeting, he added.

‘But we can’t discuss the details of the meeting. The details are confidential,’ he said, adding that the talks were ‘positive and constructive.’

The comments follow a report by Dutch news agency ANP, citing industry sources, that Shell is handing over control of Sakhalin-2 to Gazprom.

Shell is the operator of the project with a 55 pct stake, while Japanese partners Mitsui & Co Ltd and Mitsubishi Corp own 25 pct and 20 pct respectively.

Shell, according to ANP, has agreed to retain a ‘blocking minority’ of at least a quarter of the project.

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