The court satisfied the application for the transfer of the oldest oil joint venture to Russian jurisdiction
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The Arbitration Court of the Moscow Region satisfied the application “Gazprom Neft” on the transfer of a joint venture (JV) with Shell from the Netherlands to Russian jurisdiction. This follows from the file cabinet of arbitration cases.
Shell owned 50% in the joint venture, the British company will be able to buy back its stake before the end of 2023.
The joint venture Salym Petroleum Development NV is developing the Salym field in the Khanty-Mansiysk Autonomous Okrug in Western Siberia. Production at the field is about 6 million tons per year. Salym Petroleum is one of the oldest oil and gas joint ventures in Russia, established in 1996. It owns six licenses for the fields of the Salym group. “Gazprom Neft» entered the capital of the joint venture in the late 2000s.
On July 28, Vedomosti wrote, citing a Shell representative, that the company was working on exit options from the joint venture. Previously, the company estimated its losses from the Salym project in the first quarter of 2022 at $233 million.
On August 5, Russian President Vladimir Putin, by his decree, prohibited foreign investors from making transactions with shares and shares of Russian strategic companies and joint-stock companies in the financial and fuel and energy sectors until the end of 2022. The document emphasizes that all transactions made in circumvention of this decree will be declared invalid. Operations subject to restrictions may be carried out on the basis of a special decision of the President.
Vedomosti sent inquiries to Gazprom Neft and Shell.
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