Novatek to take over Shell's Sakhalin stake for $1.2B - Breaking The News

Novatek to take over Shell's Sakhalin stake for $1.2B

12 April

1 min read

EPA-EFE/PRZEMYSLAW PIATKOWSKI POLAND OUT

The Russian government confirmed on Wednesday in an order, seen by Russian media outlets, that it has approved the country's second-largest natural gas producer Novatek's acquisition of Shell plc's stake in the Sakhalin Energy LLC, which is in charge of the Sakhalin-2 oil and gas project.

Russian Prime Minister Mikhail Mishustin authorized Novatek's takeover of the 27.5% stake that Shell held for 94.8 billion rubles (approximately $1.2 billion).

The start of the war in Ukraine, alongside Russian President Vladimir Putin's decree which transformed Sakhalin Energy into a Russian entity and required Shell to apply to keep its shares in the Sakhalin-2 project, led the energy giant to refuse to continue being a stakeholder in the new entity.

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