LLC Sakhalin Energy, the new operator of the Sakhalin-2 project, will be registered in Yuzhno-Sakhalinsk.
This is evidenced by a government decree published on the Official Internet Portal of Legal Information.
It is reported that the current head of the Sakhalin Energy branch, Andrey Oleinikov, will take over as head of the new company.
In June 2022, Russian President Vladimir Putin signed a decree “On the application of special economic measures in the fuel and energy complex in connection with the unfriendly actions of certain foreign states and international organizations.” According to the document, a Russian LLC from Bermuda will replace the operator of the Sakhalin-2 project’s production sharing agreement, Sakhalin Energy Investment Company Ltd, from Bermuda.
Shareholders of Sakhalin Energy must agree on shares in the new Russian structure in a short time. If the share is not demanded by the foreign partner, it will be sold to a Russian legal entity. Foreigners can receive funds for their share only after determining and offsetting compensation for the damage caused by them during the implementation of the project.
Sakhalin Energy is co-owned by Gazprom (50% plus 1 share), British-Dutch Shell (27.5% minus 1 share), as well as Japanese Mitsui (12.5%) and Mitsubishi (10%).