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Shell agrees to cede control of Sakhalin-2 to Gazprom

Oil major Shell has agreed in principle to cede control of the $22 billion Sakhalin-2 project to Russian gas monopoly Gazprom after months of tough talks and political controversy, industry sources say.

An accord, whereby Shell would keep a blocking stake of at least a quarter in the world's largest liquefied natural gas project, was reached on Friday at talks between Shell CEO Jeroen van der Veer and Gazprom's head Alexei Miller.

Gazprom had no immediate comment, while a Shell spokesman confirmed that a meeting had taken place on Friday.

"I can confirm that Shell Chief Executive Jeroen van der Veer met Gazprom head Alexei Miller and Energy Minister Viktor Khristenko in Moscow on Friday to discuss Sakhalin-2 related issues," the spokesman told Reuters.

"The discussions were positive but their contents remain confidential."

© Reuters

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