Royal Dutch Shell and its partners in the USD 22 billion Sakhalin-2 project
have accepted cash and a promise of future cooperation with Gazprom in a
deal to let the Russian firm into the venture, a source close to talks
between the companies said on 19 December. Shell and Gazprom have both
signalled that their negotiations may yield a deal later this week, with
Shell CEO Jeroen van der Veer expected to make a third visit to Moscow in as
many weeks on Thursday or Friday. Gazprom had originally offered Shell a
share of its Zapolyarnoye field as a swap for 25% of Sakhalin-2, the world’s
biggest LNG project which is based on Russia’s Pacific energy hub, Sakhalin
Island. Gazprom’s chairman has said it wants around 50% in Sakhalin-2 and
sources have said that Shell is likely to give up a 30% stake out of its
55%, although the Shell-backed project operator Sakhalin Energy would
remain. Russian officials have put Shell under pressure with a campaign of
rhetoric and threats of licence withdrawals and administrative sanctions.
Sakhalin Energy has said their interference is putting the timetable of LNG
deliveries to Japan, South Korea and the USA at risk.
