The shareholders, Shell, Mitsui and Mitsubishi Corporation, are each diluting their stakes by 50% in order to receive a proportionate share of the $7.45 billion purchase price, which Gazprom is paying in cash.
Gazprom will now hold a 50% plus one share stake in the Sakhalin II project, while Shell will hold 27.5%, Mitsui 12.5%, and Mitsubishi 10%.
Shell said that, with capacity effectively sold, Sakhalin II is moving to firmly establish its position on the global energy map as a reliable new energy source for customers. The oil firm added that Gazprom’s entry into the venture would enhance the prospects for expanding the project through further LNG processing trains.
Gazprom deputy chairman Alexander Medvedev said, Gazprom’s entry into Sakhalin II is a powerful impetus for implementation of this large-scale development in the area of energy export to Asia Pacific and North America. In turn, it will facilitate the company’s strategy of phased entry into the global LNG market.
Meanwhile, officials from Mitsui and Mitsubishi commented that they hoped Gazprom’s participation would allow the project to be completed on schedule with the cooperation of the Russian government.
Shell revealed another boost to the Sakhalin II venture, commenting that the ministry of natural resources of the Russian Federation has approved the project’s revised environmental action plan.
