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Putin meets with Royal Dutch Shell CEO Peter Voser

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Mr Putin cited the successful participation of Shell in the Sakhalin-2 project, as well as its cooperation with Gazprom, Gazpromneft, Rosneft and other Russian companies. In turn, Mr Voser called Russia a key investment partner and expressed satisfaction with the results that have been achieved through cooperation with Russia in a variety of sectors.

17 Sept 2010: Transcript of the beginning of the meeting:

Vladimir Putin: Mr Voser, Shell has been operating in Russian for a long time and with good results. You have several major joint ventures with local partners, including the ambitious Sakhalin-2 project. Last year, we launched the first Russian gas liquefaction company as part of this project. And I must say that in this area, in hydrocarbons, in particular for the production and sale of gas, we have our own plans, which are to increase the production and export of LPG – up to 10% of our total exports by 2020 and up to 15% by 2030.

You have good relationships and business contacts with a number of our leading companies – Gazprom, Gazpromneft, Rosneft and other companies. You are generating new businesses, and the latest, I believe, is the production of lubricants in the Tver region.

We know about your initiatives for environment protection, especially after the disaster in the Gulf of Mexico. We are ready to develop relations with you along existing lines and in new and promising initiatives. What’s more – as we all know- despite all the attention, the necessary and needed attention, to alternative energy sources, according to leading experts and professionals, the need for hydrocarbons in the coming decades will only grow.

And we look forward to further cooperation with you in Russia and third countries on spot transactions, and share swaps between our companies – in short, we anticipate long-term, collaborative, positive and large-scale work.

Peter Voser (as translated): Thank you for the opportunity to meet today! This is my second time in Sochi. As you know, I’ve been in this position for a year now. For me, it is a great pleasure to visit Sochi again, and to remember my first trip when I was chief financial officer.

For us, Russia is a key investment partner, a key investment company. I am very pleased with the successful results we have achieved with Russia in many sectors.

You have already mentioned the Sakhalin-2 project, and I am very glad that we are able to cooperate with Gazprom on liquefied gas exports.

And as for the Salym project in Western Siberia, I am very proud of the results that have been achieved. I also hope that there will be new opportunities in the future.

We’re already working in the field of natural resources, and we work together with our consumers. You already mentioned the lubricant manufacturing company, which will be launched in 2011. This is a very big investment – we have invested heavily in this project. This is the first project of its kind in Europe for Shell. And we are glad that there will be Shell products made in Russia.

I would like to invite you to open the plant next year.

Vladimir Putin: Thank you very much. I’ll surely attend.

This is truly a milestone for this region of the country – new production and new jobs. I hope this venture, as well as others you may set up in Russia, will be successful, as well as the Sakhalin-2 project. Last year Sakhalin-2 produced 50% more liquefied gas than planned.

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