Mitsui & Co., Mitsubishi Corp. and the Royal Dutch/Shell Group of the Netherlands have agreed to invest USD 10 billion over five years in a joint oil and gas development project in Russia, company officials have said. The agreement marks the full-scale start of the project dubbed Sakhalin 2. The firms have been conducting a feasibility study on the project for more than 10 years. The partners expect Sakhalin Energy Investment Co., their joint venture set up in 1992, to begin producing liquefied natural gas at two offshore fields east of Sakhalin around 2007, the officials said.
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