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Gazprom raking it in at the expense of Shell

Below an extract from a Wall Street Journal article published today reporting on the profits of Gazprom and Sakhalin Energy, the company in which Shell was forced to surrender its majority stake.

THE WALL STREET JOURNAL

FEBRUARY 1, 2010

Foreign-Exchange Gains Boost Gazprom’s Net

By JACOB GRONHOLT-PEDERSEN

Sakhalin Energy, a Gazprom joint venture with Royal Dutch Shell PLC and Japan’s Mitsui Co. Ltd. and Mitsubishi Corp., posted earnings of 10.65 billion rubles in the third quarter. Sakhalin Energy opened Russia’s first plant for liquefied natural gas last February and shipped 5.5 million tons of LNG in its first year.

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