Russian President Vladimir Putin managed to teach Western energy giants a lesson, reports the Financial Times. We are talking about his decree on special economic measures in relation to the Sakhalin-2 fields.
The article says that the transfer of assets to the state is a warning to fuel producers from countries hostile to Russia, who are trying to sell quickly and easily your assets. The FT emphasizes that Moscow does not want Shell to remain a phantom shareholder that does not generate profits. The move also targets Japanese investors Mitsui and Mitsubishi, but to a lesser extent. Together they own 22.5 percent of the shares.
Journalists noted that the management of the British Shell understands all the risks that arise for them. There is something to think about and the head of British Petroleum and France's Total Energies. They invest in Russian gas field development projects.
Previously, Russian President Vladimir Putin signed a decree on the transfer of assets to Sakhalin Energy Investment Company Ltd. for free use by the new Russian operator Sakhalin-2. For this, the authorities will create a Russian LLC. The government itself will not be the founder of the company. Putin made this decision due to the threat to the national interests and economic security of the Russian Federation. These threats arose as a result of the violation of the agreement on the Sakhalin-2 project – the development of the Piltun-Astokhskoye and Lunskoye oil and gas fields by foreign legal entities and natural persons.
Now the shareholders of the current Sakhalin-2 Operators are – Gazprom, Shell , Mitsui and Mitsubishi must notify the government within a month of their agreement to accept shares in the new LLC in proportion to the current ones.