THE SHELL LEAKS FILES: 1 SEPTEMBER 2026
SLF-2007-044
The Sakhalin Papers XXXIV: The Second Japanese Lifeline — NEXI and the Extra $1.4 Billion That Took Project Finance to $6.7 Billion
In February 2008 Sakhalin Energy abandoned its proposed British export-credit backing. By June, Japan’s JBIC and commercial banks had supplied a $5.3 billion replacement financing package. Then, in October 2009, another $1.4 billion arrived — this time from commercial banks protected by Japanese government export-credit insurance. Shell no longer controlled Sakhalin Energy, but the documentary record shows that it remained a shareholder, technical participant and one of the sponsors standing behind the financing until project completion.
Archive reference: SLF-2007-044
Collection: The Sakhalin Papers
Principal financing record: Mitsubishi Corporation/Sakhalin Energy announcement, 7 October 2009
Authenticated Shell record: Royal Dutch Shell plc Annual Report and Form 20-F 2009; Shell corporate reporting archive
Contemporaneous reporting: Reuters, 1 October 2009; Offshore, 7 October 2009; LNG Journal, October 2009
Public-finance record: Nippon Export and Investment Insurance — NEXI — resource and untied-loan insurance framework
Environmental record: International Union for Conservation of Nature and Western Gray Whale Advisory Panel material from 2009
Court record: Export Credits Guarantee Department v Friends of the Earth [2008] EWHC 638 (Admin), used here to establish the termination of the earlier British financing route
Evidence standard: Financing agreements, shareholdings and company statements are distinguished from lender or corporate assessments of the project’s creditworthiness. Environmental-group allegations are identified as such. No inference is made that NEXI financing constituted a judicial or regulatory determination that every environmental controversy surrounding Sakhalin II had been resolved.





Image and article by ChatGPT:
AI Image concept: A grand AGM stage split in two: On one side, BP executives nervously facing a giant ballot box labelled “CLIMATE VOTE”. On the other, Shell executives casually pulling a curtain shut over a sign reading “NO VOTING TODAY”. In the background: shadowy investors watching, holding oversized cheque books.






Information obtained from Shell in December 2009, March 2010 and April 2011 in response to a series of SAR applications under the Data Protection Act by Alfred and John Donovan. Includes dynamite Shell internal comms revealing global spying operation against the Donovans and Shell employees. (See Link for 























