Russian President Vladimir Putin has approved Novatek’s request to transfer $1.21 billion to Shell for its stake in the Sakhalin-2 LNG project, Kommersant reported.
And the newspaper “Kommersant” reported yesterday, Tuesday, quoting informed sources, that the Russian company submitted a request to transfer 94.8 billion rubles (1.21 billion dollars) to the British company in exchange for its share in the project.
Novatek, Russia’s second largest producer of natural gas, said it had applied to buy a 27.5% stake owned by Shell in the project located on Sakhalin Island in Russia’s Far East. The project includes Russia’s first liquefied natural gas plant.
And the CEO of “Novatec” Leonid Mikhelson made a proposal to the Russian president to transfer funds to “Shell” in order to “reduce the risks of operational activities and the export of hydrocarbons from the project.”
The British energy company announced its withdrawal from the “Sakhalin-2 LNG” project last year, after the West imposed sanctions on Russia after it launched a special military operation in Ukraine.
This article was originally published by RT.