: Putin orders Sakhalin Energy to be transferred to a new Russian company, potentially pushing out foreign partners

by | Jul 1, 2022 | Stock Market

President Vladimir Putin has reportedly signed a decree ordering the Sakhalin Energy Investment Company to a new Russian company, which will decide if foreign stakeholders can remain. Sakhalin Energy is the consortium behind the Sakhalin-2 oil and gas project in Russia’s far east that has several foreign participants. The decree reportedly said other participants must ask Moscow for a new stake within a month, and those who decide not to take part may not be offered compensation.

Russia’s state-owned gas company Gazprom
which owns about 50% of Sakhalin Energy, will be allowed to keep its stake. Shell
owns a 27.5% stake, Mitsui
holds 12.5% and Mitsubishi
owns 10%. The project produces around 10 million tons of liquified natural gas a year, and supplies about 4% of th …

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