Foreign companies have the opportunity to receive shares in the new Sakhalin-2 operator


The decree of Russian President Vladimir Putin states that the shares in the authorized capital of the new operator Sakhalin-2, created to replace Sakhalin Energy, will be held by Gazprom Sakhalin Holding and the new operator company itself. It is noted that at the same time, foreign participants are required to notify the Russian Cabinet of Ministers a month in advance of their agreement to accept their shares in the new operator, in proportion to the current ones, RIA Novosti writes.

Thus, it turns out that foreign companies have the opportunity to receive shares in the new operator, in proportion to their current shares in Sakhalin Energy. When they, within a month from the date of the company’s creation, provide the government with a notification of consent to take ownership of shares in the authorized capital, the Cabinet of Ministers will check all the necessary documents within three days. Only then will a decision be made on the possibility of transferring the share.

Sakhalin-2 is an oil and gas project being implemented at two oil and gas fields in the northeast of the Sakhalin shelf – Piltun-Astokhskoye (mainly oil) and Lunskoye (mainly gas).

Russian President Vladimir Putin signed a decree according to which a company was created in Russia, which will receive all the rights and obligations of Sakhalin Energy, the operator of the Sakhalin-2 PSA project. It is also specified that the Russian government is not a founder or a participant in the company.

The decree says that this decision was made “in connection with the unfriendly and contrary to international law actions of the United States of America and foreign states and international organizations that have joined them,” which are aimed at “imposing restrictive measures against citizens of the Russian Federation and Russian legal entities.”

In mid-June, Baker Hughes, an international oilfield service company, announced that it would stop serving all Russian LNG projects. The company is recalling service engineers from Gazprom’s Sakhalin-2 and Novatek’s Yamal LNG, as well as design engineers from the Arctic LNG-2 under construction — the launch of the first stage was scheduled for 2023.