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Kremlin orders seizure of gas facility which Shell has 27 per cent stake in worth £3.4bn

CITYA.M.

Kremlin orders seizure of gas facility which Shell has 27 per cent stake in worth £3.4bn

Russia’s President Vladimir Putin has ordered the seizure of a gas facility in the county which UK firm Shell has a 27 per cent stake in.

The Kremlin signed a decree to take control of rights of the Sakhalin-2 plant, which will be transferred into Russian hands.

This comes as Moscow continues to come under severe economic pressure with sanctions, while countries including the UK, Germany and other EU states have been urged to stop buying fuel from Russia, amid its war against Ukraine.

Shell, which said it will sell its holding in Russia, holds a 27.5 per cent state in the facility being sold, worth £3.4bn.

Shareholders have a month to say if they’ll take stakes in the new firm. It was reported by the Telegraph, they may not be compensated if they opt out.

A Shell spokesperson said: “As a shareholder, Shell has always acted in the best interests of Sakhalin-2 and in accordance with all applicable legal requirements. We are aware of the decree and are assessing its implications.”

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