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Shell Still in Talks Over Russia’s Shtokman Project, CEO Says

By Ben Farey – Jul 26, 2012 9:11 AM GMT+0100

Royal Dutch Shell Plc is still in talks with OAO Gazprom about joining the Shtokman liquefied natural gas project in the Russian Arctic, one of the world’s biggest gas deposits.

“We now have interest in doing more LNG projects in Russia,” Shell Chief Executive Officer Peter Voser told Bloomberg Television today. “Discussions are ongoing. I can’t comment on any more details.”

Shell and Gazprom are already partners in the 9.6 million metric-ton-a-year Sakhalin-2 LNG plant on Sakhalin Island, off Russia’s far eastern coast.

Russian media have said Shell may replace Norway’s Statoil ASA in the Shtokman development. The field, about 400 miles northeast of Murmansk in the Barents Sea, may hold 3.8 trillion cubic meters of the fuel, according to Gazprom.

Gazprom owns 51 percent of Shtokman Development AG, Statoil 24 percent and France’s Total SA has 25 percent.

To contact the reporter on this story: Ben Farey in London at [email protected]

To contact the editor responsible for this story: Lars Paulsson at [email protected]

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