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Associated Press: Shell: Gazprom lands Sakhalin-2 deal

Published Thursday December 21 2006

MOSCOW (AP) – Russian state-controlled natural gas giant OAO Gazprom will take a 50 percent-plus-one share stake in the Shell-operated Sakhalin-2 energy project for $7.45 billion, a Shell spokesman said.

Royal Dutch Shell PLC spokesman Maxim Shoop said the deal was signed at a Kremlin meeting between President Vladimir Putin and top executives from Shell and Gazprom along with officials from the project’s Japanese shareholders.

The deal came after months of mounting pressure from Russian regulators on the $22 billion liquefied natural gas project on the Pacific island of Sakhalin – Russia’s largest single foreign investment.

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