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Archive for December 19th, 2006

Shell, Gazprom say no agreement reached yet on Sakhalin-2

Royal Dutch Shell PLC and Gazprom are continuing discussions over the 20 bln usd Russian gas project Sakhalin-2 and declined to predict how soon an agreement can be achieved, according to spokespeople at both companies.
Gazprom chairman Alexey Miller and Shell chief executive Jeroen van der Veer met again last Friday in Moscow, fuelling speculation the [...]

Tuesday, December 19th, 2006

Gazprom’s Sakhalin II involvement could affect Shell

International rating agency Fitch Ratings said Tuesday a mooted deal on the acquisition by Gazprom of a controlling stake in the vast Sakhalin II energy project in the country's Far East would certainly benefit Russia's energy giant, but could have a credit impact on Royal Dutch Shell.
Project operator Sakhalin Energy, in which the British-Dutch major [...]

Tuesday, December 19th, 2006

Sakhalin II to spend $1.17 bln in 2007

The supervisory board of the Sakhalin II energy project has endorsed its work plan and set its 2007 budget at $1.17 billion. The sum, however, may increase if officials agree to increase total cost to $20 billion early next year.
The 2007 budget will be spent on the construction of an LNG plant, pipelines and an [...]

Tuesday, December 19th, 2006

The Kremlin’s Shell Game

President Vladimir Putin believes that a powerful, state-controlled energy sector is the key to Russia's economic future, even if he has to strong-arm foreign investors to get it. But trampling property rights is risky. It is as likely to leave Russia an economic pariah as an energy superpower.
The latest intrigue centers on a huge oil [...]

Tuesday, December 19th, 2006

Don’t mess with Russia

For over a decade Royal Dutch Shell, along with its Japanese partners, Mitsui and Mitsubishi, has been struggling to coax oil and gas out of the frozen seas off Sakhalin Island, in
Russia's far east. Over the years the scheme has run into environmental protests, its projected cost has doubled to $20 billion and its completion [...]

Tuesday, December 19th, 2006

Shell agreed to hand over 30% share of Sakhalin-2 to Gazprom

Shell CEO Jeroen van der Veer at a meeting with Gazprom CEO Alexei Miller today gave his consent for the Russian gas monopoly's becoming a stockholder of the biggest Russian gas project Sakhalin 2 and handing over 30% shares to it. Earlier, Gazprom Chairman of the Board of Directors Dmitry Medvedev announced that share of [...]

Tuesday, December 19th, 2006

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