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CNNMoney: Gazprom’s Sakhalin Energy To Further Delay LNG Exports

December 17, 2007: 04:34 AM EST

LONDON -(Dow Jones)- OAO Gazprom-run (GAZP.RS) Sakhalin Energy Investment Co. Ltd. is to further delay exports of liquefied natural gas, or LNG, to clients in Asia and the U.S.

A Sakhalin Energy spokesman said the Russian Far Eastern project would start delivering cargoes “shortly after” it starts producing at the end of 2008. He said the company is “in contact” with customers but declined to say if it would be fined for the delay.

Sakhalin Energy had already postponed first LNG cargo deliveries from mid-2007 to the third quarter of 2008 as costs ballooned to $20 billion.

Sakhalin Energy, one of the world’s largest LNG projects, was previously managed by Royal Dutch Shell PLC (RDSB) until Gazprom took control in the spring of this year. Shell stills owns 27.5% in the project, while Gazprom has 55%.

Company Web site:

By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; [email protected]

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  12-17-07 0434ET
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