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Shell may have to abandon £3bn stake in Russian gas plant

The Guardian

Shell may have to abandon £3bn stake in Russian gas plant

Kremlin sets up new firm to own Sakhalin-2 plant, with stakeholders given a month to sign up or they could lose money

Alex Lawson Energy correspondent: Fri 1 Jul 2022: 12.50 BST

Shell could be forced to abandon a £3bn investment in a huge Russian gas plant after Vladimir Putin threatened to seize the rights to the project.

The Kremlin has said it plans to transfer the rights to the Sakhalin-2 plant in the far east of Russia to a new Russian company, citing economic security and national interests.

Putin signed a decree issued by the Kremlin that gives stakeholders a month to say whether they will take a holding in the new company. If they refuse to sign up, investors may lose their money.

Shell holds a 27.5% stake in the liquefied natural gas (LNG) facility. After Russia’s invasion of Ukraine, Shell vowed to exit the project and said it would not invest further in Russia.

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