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Times Online: Gazprom takes majority Sakhalin-2 stake

December 21, 2006
From Agencies
 
Gazprom, the Russian state-owned gas giant, will 50 per cent plus one share in the Sakhalin-2 oil and gas project from Royal Dutch Shell, Mitsui and Mitsubishi, for $7.45 billion (£3.8bn).
 
The move means that Gazprom, world’s largest gas producer, becomes the leader of the $22 billion project while Shell, Mitsui and Mitsubishi will each dilute their stakes. Shell, the former head of the project, will be left with a 27.5 per cent holding.

The news followed the publication of first-half figures from Gazprom, which revealed a 116 per cent rise in net profit in the first half of 2006 on the back of greater sales and higher gas export prices.

It said profit to international standards rose to 332 billion roubles (£6.4bn) from 154 billion roubles in the same period of 2005. Sales rose to 1,000 billion roubles, up from 611 billion roubles a year earlier. Profits and sales were ahead of analyst estimates.

Gazprom said the average gas price for European consumers rose to 6,944 roubles per 1,000 cubic metres in the first half of 2006 from 4,876 roubles a year earlier. The price for ex-Soviet countries climbed to 2,312 roubles from 1,491 roubles.

The group’s net debt fell 16 per cent to 671 billion roubles as of June 30, from 797 billion roubles on December 31, 2005.
 
http://business.timesonline.co.uk/article/0,,9072-2514396,00.html

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