British Shell retains a long-term contract to purchase LNG from NOVATEK
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The British oil and gas company Shell still maintains a long-term contract to purchase liquefied natural gas (LNG) from the structure of the Russian NOVATEK (MOEX: NVTK), follows from the financial report of the concern for 2023 (.pdf).
The report also states that Shell retains its 27.5% stake in Sakhalin Energy Investment Company Ltd. In June 2022, Russian President Vladimir Putin signed decree on the transfer of property to Sakhalin Energy Investment Company Ltd. for free use by the new Russian operator of the Sakhalin-2 project. Japanese Mitsui & Co. and Mitsubishi confirmed that they remain in the project. Shell refused to become a co-owner of the Russian operator.
Now Shell has an offtake contract to receive up to 1 million tons of LNG per year from Sakhalin-2 until 2028. In 2023, Sakhalin-2 exported 10.2 million tons of LNG, of which almost 6 million tons went to Japan, 2.58 million tons to China, 1.65 million tons to South Korea. Up to 90% of Sakhalin-2 shipments are sold under long-term contracts.
Read more about the development of the situation in the Kommersant publication. “Sakhalin-2 is adding gas to China”.
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