That field accounts for almost 4% of the world’s production of liquefied gas or LNG. Shell previously announced its intention to sell its interest in Sakhalin-2.
British Shell CEO Ben van Beurden previously reported that he would leave Sakhalin-II, in the east of the country, in protest against the Russian invasion of Ukraine. He said after that he was well on his way to selling the parts.
Shell is said to be in talks with Chinese companies, which have not introduced sanctions against Russia, to come to a takeover of LNG production.
The intervention would allow Moscow to expropriate the assets. According to consultant WoodMcKenzie, the project is worth $4.1 billion.
Handover
Moscow has announced that it will transfer the entire LNG project to a new Russian firm. This gives the Kremlin a say in which foreign investors are allowed to keep their interests.
In Sakhalin-2 Shell has a 27.5% interest, Gazprom 50% plus a single share. Mitsubishi and Mitsui are also shareholders.