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Itar-Tass: Shell to agree on turning over Sakhalin-2 shares to Gazprom

EXTRACT:  …other observers believe it is quite probable that Shell will sell to Gazprom the whole of its block of shares in Sakhalin-2, which makes 55 per cent.

THE ARTICLE

18.12.2006, 12.25

LONDON, December 18 (Itar-Tass) — The British-Dutch Royal Dutch/Shell is expected to reach agreement with Gazprom in the coming days on the turning over to it of a major part of its shares in the Sakhalin-2 oil and gas project, The Daily Telegraph of Britain reported on Monday.

According to the information of the newspaper, the agreement between Royal Dutch/Shell, the Russian government and Gazprom will be ready for signing late this week.

Shell Chief Executive Director Jeroen Van der Veer will issue a statement within a few days about the progress achieved at the talks on the Sakhalin-2 project, the newspaper wrote.

A representative of Royal Dutch/Shell said that if progress continued to be achieved, they expected the talks to be completed late this week.

According to the sources, well-informed about the talks, Van der Veer agreed in principle to sell to Gazprom Shell’s controlling block of shares in Sakhalin-2, whose value has been estimated at 12 billion pounds (some 24 billion dollars), with Shell keeping at least 25 per cent of shares in the project.

At the same time, other observers believe it is quite probable that Shell will sell to Gazprom the whole of its block of shares in Sakhalin-2, which makes 55 per cent.
 

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