Gazpromm Arm Wrestles Control of Sakhalin Project
British-Dutch oil group Shell and its two Japanese partners, Mitsui and Mitsubishi, have all three been beaten by Russia's Gazpromm.
Gazpromm is forcing Shell, a 55% owner in the project, to sell off 30%. Mitsui and Mitsubishi, which own 25% and 20% respectively will be forced to sell of 10% each.
Moscow caused the $20 billion project to be halted due to 'environmental concerns.'
Once Moscow gains control, however, those concerns are not likely to be so large.
Sakhalin-2 was scheduled to start shipping LNG by 2008….and Japan needs the resource.
Bummer…put all that money into a project only to have it wrestled away from you when the getting's good.
What do you think?
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January 1, 2007
I don’t see any news about Russia seizing projects from Exxon. They are afraid to take on United States.
They are not afraid to take on Holland or Japan.
Russia needs a ASS kicking