29.1 C
Monday, October 3, 2022

US Supreme Court Will Hear Social Media Terrorism Lawsuits

https://ift.tt/yzwjFmd U.S. Supreme Court said Monday it...

Sacheen Littlefeather, Who Declined Oscar on Marlon Brando’s Behalf, Dies at 75 

https://ift.tt/g4cRJy0 American actress and activist Sacheen Littlefeather,...

1,600 Rescued in Florida After Ian; Biden to Visit Wednesday 

https://ift.tt/WwQqTOK Ian is no longer pounding Florida,...

British energy major wants out of Russian LNG project

Shell is still debating the fate of the contract for the purchase of liquefied natural gas from Sakhalin 2

UK-based energy giant Shell Plc has announced it will not participate in Russia’s Sakhalin-2 liquefied natural gas (LNG) project after Moscow transferred the venture to a domestic operating company.

According the company’s statement, Shell has notified Moscow that it will not take a stake in the new Sakhalin-2 operator in proportion to its stake in the old one. The company, however, is still debating “options in line with applicable legal requirements and agreements” to keep a contract to receive LNG cargoes from the facility. In the statement, Shell assured customers that its decision regarding Sakhalin-2 will not affect its ability to supply gas to customers in line with existing contracts.

On June 30, Russian President Vladimir Putin signed a decree to transfer the property of Sakhalin Energy, the former operator of Sakhalin-2, to a new operator, Sakhalin Energy LLC. The government noted that foreign owners will be able to take a stake in the new operator in proportion to their equity in the old one. Shell owned 27.5% minus one share in Sakhalin Energy.

READ MORE: Japanese companies to stay with Russian energy project

Earlier, two Japanese companies, Mitsui and Mitsubishi, agreed to transfer their respective stakes of 12.5% and 10% in Sakhalin Energy to the new operator, of which Russia’s state energy giant Gazprom owns 50%. Bloomberg analysts say Shell’s move could “hand even more energy revenue to Russia” if Gazprom absorbs Shell’s abandoned shares.

For more stories on economy & finance visit RT’s business section

https://ift.tt/sl2Yog4 02, 2022 at 02:47PM
from RT – Daily news

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles