New legal entity of the Sakhalin-2 project registered in Yuzhno-Sakhalinsk
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A new legal entity of the Sakhalin-2 project, Sakhalin Energy LLC, was registered in Yuzhno-Sakhalinsk, follows from the extract from the Unified State Register of Legal Entities (EGRLE).
The newly created company is registered at the address of the main office of Sakhalin Energy on Dzerzhinsky Street, 35. The current project manager Andrey Oleinikov is listed as the manager of the new legal entity. Interfax clarifies that a share of just over 50% in the authorized capital belongs to LLCGazprom Sakhalin Holding, the rest is on the balance sheet of Sakhalin Energy.
June 30 Russian President Vladimir Putin signed decree “On the application of special economic measures in the fuel and energy sector in connection with the unfriendly actions of certain foreign states and international organizations”, according to which all the rights and obligations of the project operator “Sakhalin-2» Sakhalin Energy will be transferred to a specially created LLC. 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. The decree states that “Gazprom» will retain its share in the operator, receiving the same share in the new LLC, and the shares of the remaining shareholders «Sakhalin Energywill become the property of the new company. Further, the remaining shareholders of the operator must within a month provide the government with consent to receive a share in the LLC. If the relevant documents are not received or accepted by the government, then after the assessment of the value of the unallocated shares, they must be sold within four months after the decision to refuse to transfer the share.
The Sakhalin-2 LNG project is being implemented on the shelf of the Sakhalin Peninsula under a Production Sharing Agreement (PSA). It provides for the development of two fields – Piltun-Astokhskoye (mainly oil) and Lunskoye (mainly gas). This is the oldest PSA in Russia (concluded in 1994) and the first LNG project in the country.
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