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COMMENT: Sakhalin-2 deal will alter business climate, markets
01/15/2007
The agreement between Royal Dutch Shell PLC and OAO Gazprom, the Russian state-owned natural gas company, under which Gazprom will become the majority shareholder in the Sakhalin-2 LNG project demonstrates that western oil companies will no longer be able to obtain majority stakes in major Russian hydrocarbon assets.Under terms of the deal, Gazprom will purchase 50% plus one share of the project for $7.45 billion, thereby forcing Shell and its partners, Mitsui & Co. Ltd. and Mitsubishi Corp., to dilute themselves by 50% in order to accommodate their new partner (OGJ, Jan. 1, 2007, p. 29). As a result, Shell is being forced to give up majority control in one of its most lucrative asset...
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