Shell could sell more of its stake in Sakhalin

Dec 08, 2000 01:00 AM

Shell has said it could sell more of its stake in a $ 10 bn Russian gas field, while keeping control of the venture off Sakhalin Island, after selling a 7.5 % share to Mitsubishi.
The company now owns 55 % of the field, having sold the stake to Mitsubishi for an unnamed sum to regain costs on the same day it closed a swap to take-over Marathon's 37.5 % stake in the field.

Shell's vice president of Russian operations, Grant Bowie, said the company is considering its level of partnership, and is busy consolidating the project.
By taking control of the Sakhalin 2 field, and its estimated 408 bn cm of natural gas, Shell says its main targets are the Asian markets, including Japan and Korea.
Mitsubishi now owns 20 % of the project, while Mitsui & Co owns 25 %.

Source: Energy24
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