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Reuters: Shell eyes huge-scale project on Russia Yamal-CEO

Wed Nov 7, 2007 8:55 AM GMT

MOSCOW, Nov 7 (Reuters) – Royal Dutch Shell (RDSa.L: Quote, Profile , Research) wants to expand its presence in Russia by entering “a huge-scale long-term liquid gas and oil project” with local companies on the Yamal peninsula, its chief executive said on Wednesday.

“It is not like building a house, it is like building a city. It will take a very long time. And of course we will work with Russian companies,” Jeroen van der Veer told Reuters in Moscow.

Russia’s gas export monopoly Gazprom (GAZP.MM: Quote, Profile , Research) holds most of the gas reserves on Yamal. It has yet to start production and build pipelines to evacuate gas from the remote peninsula north of the Arctic Circle. (Reporting by Amie Ferris-Rotman; writing by Dmitry Zhdannikov; editing by Douglas Busvine)

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