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30Jun22

Russia will replace operator of Sakhalin-2 project

The Russian authorities will replace the operator of the Sakhalin-2 oil and gas project, which is being implemented under the terms of a production sharing agreement. The relevant decree has been signed by President Vladimir Putin.

Under the decree, all rights and obligations, as well as the property of Sakhalin Energy (the project's operator until now) will be transferred to a new stock company, which is being established now.

The government is not a founder and participant of the stock company.

"Gazprom Sakhalin Holding" will receive a share in the authorized capital of the company, which is being created, proportional to the number of shares it owns in the authorized capital of Sakhalin Energy. Within a month, Sakhalin Energy shareholders must notify the Russian government that they agree to accept shares in the new company in proportion to the shares in the former operator, while confirming their rights to shares in it. The government will decide whether to transfer the share or refuse it, and in case of refusal, it can sell it within four months, and transfer the proceeds from the sale to a special account opened in the name of the Sakhalin Energy shareholder. At the same time, disputes related to the implementation of the agreement are subject to consideration in the Moscow Arbitration Court.

The sale of a share in a new stock company is possible only to a Russian legal entity.

Sakhalin-2 is being implemented in Russia's Sakhalin under a production sharing agreement. Gazprom has a controlling stake (50% plus one share), Mitsui has 12.5%, Mitsubishi - 10%. The majority of LNG produced within the project flows to Japan.

[Source: Tass, Moscow, 01Jul22]
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