OREANDA-NEWS. On April 18, 2007 the shareholders of Sakhalin Energy Investment Company Ltd. (being operator of the Sakhalin-2 project) and Gazprom signed a Purchase and Sale Agreement. In accordance with the Agreement the parties will end up the process of share transfer to Sakhalin Energy, reported the press-centre of Gazprom. The said deal was made in pursuance with the Protocol signed between the companies on December 21, 2006 in Moscow. In accordance with the Protocol terms, Gazprom will purchase a 50 per cent stake plus 1 share in Sakhalin Energy for US$ 7,45 bln. Each of Sakhalin Energy’s shareholders (Royal Dutch Shell plc, Mitsui &Co., Ltd. and Mitsubishi Corporation) will decrease its stake by 50 per cent with recompense to be allocated on a proportional basis.


As a result, Gazprom will own a 50 per cent stake plus 1 share, Shell, Mitsui and Mitsubishi - 27,5 per cent stake, 12,5 per cent and 10 per cent of shares, respectively.
In the frames of the project due to the contracted LNG volumes, Sakhalin-2 provides stable position of new and reliable energy supplier on energy map of the world. Additionally, the accord achieved in relation to the Area of Mutual Interest would embrace opportunities to further Sakhalin-2 project expansion due to construction of additional technological lines for LNG plant.


On April 16, the Ministry of Natural Resources of the Russian Federation approved the amended Plan on Environmental Measures prepared by Sakhalin Energy due to participation of all shareholders. The Plan stipulates measures and tasks to maintain biological diversity of the Sakhalin Island including fish population as well as exotic species of flora and fauna. 

“Joining the Sakhalin-2 project provides a powerful impetus for accomplishing a large-scale project in the energy supply sector to Asia Pacific countries and North America. It will stimulate implementing a stage-by-stage entering strategy on the world LNG market,” said Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee.
“We are happy to have Gazprom in the Sakhalin-2 project. This event along with the approval of the Plan on Environmental Measures by the state authorities is an important step towards successful implementation of the project. The accord achieved in relation to the Area of Mutual Interest will provide further growth opportunities,” stipulated Malcolm Brinded, the Executive Director of Exploration & Production of Shell.


“Mitsui is happy to have Gazprom in the Sakhalin-2 project. I am confident that within Gazprom’s joining Sakhalin Energy as the main shareholder, the new shareholding structure in cooperation with the Russian Federation authorities will provide implementation of the first Russian LNG project in compliance with the schedule supplying LNG to Japanese, Korean and American consumers. Today’s event will stipulate further strengthening of cooperation between Russia and Japan as well as further development of the Sakhalin region,” said Hiroshi Tada, Executive Managing Officer and Executive Vice President of Mitsui.


“Mitsubishi is happy to have Gazprom as the main shareholder in the project. I am sure that the new shareholding structure is an optimal to provide a timely start for LNG deliveries for Japan and Korea as well as the West Coast of North America. This important step will enable Sakhalin Energy to become a major LNG supplier on Asia Pacific market,” underlined Hisanori Yoshimura, Executive Vice President of Mitsubishi.