Mitsui Co., Mitsubishi Corp. and Royal Dutch Shell Plc have agreed to sell off their shares in the Sakhalin 2 project to Russia's state-run monopoly, Gazpromm.

Mistui owns 25%, Mitsubishi owns 20% and Royal Dutch Shell owns 55%. Each will sell off enough shares to give Gazpromm 50% + 1 share ownership in Sakhalin Energy - the business that is running Sakhalin 2.

Where was Gazpromm when the project began? Where were the investments by the Russian government when the project was in the idea stage?

It is pretty low for someone, even a country, to think that now that they know something will be successful, the want to force sales so they can become a majority owner.

Russia loses a lot of points on this. Shipments of LNG to Japan are expected to begin in 2008.

If Japan could get by without the gas, I am sure they would. But, then some other country is bound to step in and buy it.

The three countries could only hope that Gazpromm be boycotted.

What do you think?