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Reuters: Sakhalin-2 supervisory board clears 2007 budget

Fri Dec 15, 2006 11:03am ET
MOSCOW, Dec 15 (Reuters) – The supervisory board of the Shell-led (RDSa.L: Quote, Profile , Research) Sakhalin-2 venture has approved the project’s 2007 budget of $1.17 billion — the Russian Energy Ministry said in a statement on Friday.

The supervisory board, which oversees the production sharing agreement which governs Sakhalin-2, also considered other issues including the overall budget for the project’s second phase, it said.

Shell and its Japanese partners Mitsui (8031.T: Quote, NEWS , Research) and Mitsubishi (8058.T: Quote, NEWS , Research) have infuriated Russian officials by boosting the second phase budget from $10 billion to $20 billion, in addition to the $2 billion first stage.

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