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June 30 (Reuters) – Russia will create a company that will assume all the rights and obligations of the Sakhalin Energy Investment Company over Western sanctions imposed on Moscow, a decree signed by President Vladimir Putin said on Thursday.
The 5-page decree http://static. kremlin. ru/media/events/files/ru/kj25EK599KdoG3Pg0Q5AkzuwNEvABMM0. pdf states that it is up to the government of sanctioned Russia whether foreign shareholders deserve to remain in Sakhalin Energy Investment Company, a consortium for the progression of the allocation of Sakhalin-2 oil and fuel in the Russian Far East.
Its shareholders are Russian fuel Gazprom (50% plus one share) and Shell (27. 5% minus one share). Top Japanese Traders, Mitsui
Gazprom will keep its stake, but other shareholders are expected to apply to the Russian government for a stake in the new company within a month, according to the decree.
The government will then decide whether the other shareholders will be allowed to retain the stake.
If they are allowed to retain their stake, the government will sell their shares and keep the profits in a special shareholder account.
Proceeds from this account can be sent to the shareholder or used to reimburse damages specified in the production-sharing agreement, according to the decree.
Shell is in talks with an Indian energy consortium to sell its stake in Sakhalin-2, 3 resources told Reuters in May.
Japan will not abandon the Sakhalin 2 project, which is for its energy security, even if it is asked to do so, Japan’s industry minister said in May. (Reuters report; edited by Chris Reese and Deepa Babington)