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Shell Says Sakhalin LNG Project With Gazprom Turns Profit

Bloomberg

By Ilya Khrennikov – Jul 14, 2010

Shell Says Sakhalin LNG Project With Gazprom Turns Profit, Vedomosti Says

Royal Dutch Shell Plc said its liquiefied natural gas venture with OAO Gazprom on Russia’s Sakhalin Island reached operational profitability, Vedomosti reported, citing Chief Executive Officer Peter Voser.

Shell is seeking licenses to produce oil in Russia, both by itself and with domestic companies, Voser was cited as saying in an interview published in the Moscow-based newspaper today.

Voser also reiterated Shell’s interest in joining Russia’s second LNG project, run by OAO Novatek on the Yamal Peninsula in the Arctic, Vedomosti reported.

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