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Asia Pulse: SAKHALIN ENERGY STAKEHOLDERS TO INK SHARE SALE TO GAZPROM

Published: Apr 16, 2007

TOKYO, April 16 Asia Pulse – Royal Dutch Shell Plc, Mitsui & Co. (TSE:8031) and Mitsubishi Corp. (TSE:8058) have officially agreed to sell a majority stake in the Sakhalin 2 natural gas oil development project to Russia’s Gazprom.

The deal is to be sealed with a formal signing on Monday.

The parties had struck a basic agreement on the sale of a 50 per cent-plus stake in December, but could not hammer out the details by the initial March-end deadline.

Under the final agreement, Shell, Mitsui and Mitsubishi will sell a 50 per cent stake plus one share to the Russian state-owned natural gas monopoly for US$7.45 billion, or about 880 billion yen. Mitsui is expected to receive slightly more than 200 billion yen (US$1.7 billion) and Mitsubishi a little more than 150 billion yen. Mitsui stands to make a pretax profit of 10-20 billion yen from the sale.

(Nikkei)

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