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Archive for December 23rd, 2006

Excerpts from the Transcript of a Meeting with Sakhalin Energy Shareholders

PRESIDENT VLADIMIR PUTIN: Ladies and gentlemen, distinguished colleagues,
I am happy to welcome you to the Kremlin. Your companies have an international reputation and are well known in Russia. We have always maintained good and businesslike relations with you.
The Russian energy sector has been liberalized. All of the world's largest companies are benefiting from their work [...]

Saturday, December 23rd, 2006

Where next for Shell after Sakhalin-2 seizure debacle?

For Shell, the cup runneth over when it comes to cash - but the glass is looking half empty when it comes to energy reserves.
The upshot of the Sakhalin-2 affair, which saw Shell and its Japanese partners giving up control of Russia's largest energy project to Gazprom for ?3.8bn in cash, is a big hole [...]

Saturday, December 23rd, 2006

Sakhalin-2 deal sells Mitsubishi, Mitsui short

Mitsui & Co. and Mitsubishi Corp. have bowed to pressure from the Russian government by agreeing to hand over control of the Sakhalin-2 project to Russia's state-owned gas monopoly Gazprom.
Mitsui and Mitsubishi, along with the Royal Dutch Shell group, sought an early conclusion to the negotiations by holding a summit meeting of company heads in [...]

Saturday, December 23rd, 2006

Shell shocked by Kremlin’s big guns

As he headed home from chilly Moscow, Jeroen van der Veer, Royal Dutch Shell's chief executive, could have reflected ruefully that things might have been worse.
He has come away with $US4.1 billion ($5.22 billion) in cash, a 27.5 per cent stake in an important project that now seems likely to proceed without much further trouble, [...]

Saturday, December 23rd, 2006

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