Kommersant learned about Shell’s plans to demand compensation due to the exit from Sakhalin-2
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Shell is not going to sign a long-term agreement with the new Russian operator of Sakhalin-2. She intends to wait for the termination of the contract, and after that to demand compensation for losses, writes Kommersant, citing sources.
According to the newspaper’s interlocutors, Shell intends to file a claim for damages based on a five-fold difference between the cost of Sakhalin liquefied natural gas (LNG) under this long-term contract and its current price on the spot market. Shell did not respond to the publication’s request. Gazprom and Sakhalin Energy also stated that they did not comment on the situation with Sakhalin-2.
According to the long-term contract, which ends in 2028, Shell receives 1 million tons of LNG per year from Sakhalin-2. At the end of February, the company announced its withdrawal from joint ventures with Gazprom, including the Sakhalin-2 project.
New project operatorSakhalin-2» — Sakhalin Energy LLC — has already started work, reported company on 19 August. The company was created after the signing of the decree by the President of the Russian Federation Vladimir Putin, according to which all the rights and obligations of the former operator of the project “Sakhalin-2» Sakhalin Energy Investment Company Ltd. transferred to a specially created LLC.
Sakhalin Energy offered foreign buyers to renegotiate contracts on the same terms. According to Bloomberg, now appeared the possibility of paying in other currencies, for example, rubles or yen, if payments in dollars are not possible.
The Japanese government asked Mitsui and Mitsubishi to keep their participation in Sakhalin-2. On August 25, the Japanese newspaper Nikkei, citing sources, reported that the companies had decided to stay in the project. According to the publication, Mitsubishi will notify the new Russian operator about this by the end of August.
LNG project «Sakhalin-2» is sold on the shelf of the Sakhalin Peninsula under a Production Sharing Agreement (PSA). It provides for the development of the predominantly oil Piltun-Astokhskoye and the predominant gas Lunskoye fields. Now Gazprom owns 50% plus 1 share in the PSA project, Shell – 27.5% minus 1 share, Japanese Mitsui and Mitsubishi – 12.5 and 10% respectively.
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