The Russian government approved on Wednesday the sale of Shell's stake in the Sakhalin-2 oil and gas project to Novatek, the country's largest independent natural gas producer.
According to a Russian government statement, Novatek will purchase 27.5% of Shell's shares in Sakhalin-2 for 94.8 billion rubles (approximately $1.2 billion).
The Sakhalin-2 project in eastern Russia is among the largest liquefied natural gas (LNG) and oil production projects in the country.
Prior to the war, the main partners in the Sakhalin-2 project were Gazprom with a 50% stake, Shell with a 27.5% share, Mitsui with a 12.5% stake, and Mitsubishi with a 10% interest. Shell, however, announced its withdrawal from the project in September.
According to a report by the Russian newspaper Kommersant on March 6, Novatek approached the Russian government about purchasing Shell's shares.
Reporting by Emre Gurkan Abay in Moscow
Writing by Ebru Sengul Cevrioglu
Anadolu Agency
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