Bloomberg
Shell Walks Away From Major Russian LNG Project With Nothing
By Will Mathis: 1 September 2022 at 17:30 BST
Shell Plc will walk away from Russia’s Sakhalin-2 liquefied natural gas project with nothing after President Vladimir Putin transferred the major facility to a new operating company.
The London-based firm’s decision is the latest indication that Putin won’t allow international energy companies to realize big financial gains as they exit Russia over the invasion of Ukraine.
Shell had already written off the $1.6 billion value of its 27.5% stake in Sakhalin-2 earlier this year. T
The other foreign participants in Sakhalin-2, Japan’s Mitsui & Co. Ltd. and Mitsubishi Corp. have already agreed to transfer their stakes of 12.5% and 10%, respectively, to the newly established company. The remaining partner, Russia’s state-run gas giant Gazprom PJSC, holds 50% of the current operator.
Shell’s decision not to join the new Sakhalin-2 operating company is in line with the push by European governments to lessen economic ties with Russia over the invasion of Ukraine.
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