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Reuters: Sakhalin II $20 billion cost overrun

MOSCOW, Oct 4 (Reuters) – Russia is not seeking to oust foreign oil majors operating big production sharing deals, but will not agree to massive cost overruns at these projects, a Kremlin official said on Wednesday.

Arkady Dvorkovich, head of the Kremlin’s economic research department, said the state was particularly concerned by Royal Dutch Shell’s (RDSa.L: Quote, Profile, Research) request to allow it to double costs to $20 billion at its Sakhalin-2 project.

“It was obvious from the beginning that the Russian side would never agree with this,” he told a conference.

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