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Main page > Comments > Fuel & Energy > Shell and Russia: Tough Love Shell and Russia: Tough LoveRoyal Dutch Shell is reported to be pursuing a deal with Gazprom, offering the Russian gas monopoly some of its assets in Asia in exchange for expanding Russia’s only liquefied gas export plant on Sakhalin Island. This follows the announcement of Russian oil giant Rosneft's deals with US major ExxonMobil on exploration and development in the Black Sea and with British Petroleum in the Kara Sea in the Arctic. Shell executives may be drawn to those who hurt them, having still bad memories over their first exposure to Sakhalin where they “agreed” to cede control of Sakhalin-2 to Gazprom in 2006 under government pressure. Still, Shell retained a 27.5% stake in Sakhalin and earned $7.5 billion for selling the controlling block of shares to Gazprom. Now Shell is said to be eager to add a third LNG unit at the Sakhalin-2 facility north of Japan, increasing output at the plant by as much as 50%. The talks follow an agreement last year to expand cooperation between Shell and Gazprom. Shell may be also looking to participate in the exploration of the nearby Sakhalin-3 and Sakhalin-4 oil and gas projects. Shell officials in London told New Europe that they do not comment on current contract negotiations. By Kostis Geropoulos New Europe, February 13, 2011 |
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