The government allowed to transfer the shares of the Sakhalin-1 operator to the Indian ONGC and the Japanese Sodeco
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Indian ONGC Videsh and Japanese Sakhalin Oil and Gas Development Co. Ltd. (Sodeco) received permission from the Russian government to own shares in the new Sakhalin-1 operator. The first company will receive 20%, the second – 30%, the same amount they had in the previous operator of the project.
“To allow the transfer of 30 percent of the share in the authorized capital of the said company to Sakhalin Oil and Gas Development Co., Ltd.” in proportion to its share of participation under a production sharing agreement. Allow the transfer of 20 percent of the share in the authorized capital of the specified company to the company “ONGC Videsh Limited” in proportion to its share of participation, ”the order of the government, which is available to TASS and “RIA News”.
November 4 Sodeco’s Board of Shareholders unanimously I decided apply for continued participation in the Sakhalin-1 project. American ExxonMobil, which owned a share of 30%, counted the creation of a new Russian operator is a violation of their rights.
On October 7, Russian President Vladimir Putin signed a decree on the creation of a new Russian operator of the Sakhalin-1 project, which will receive all the rights and obligations of the operator Exxon Neftegas Limited, who decided to leave Russia due to a special operation. The managing company of the new operator was the “daughter” of “Rosneft” – “Sakhalinmorneftegaz-Shelf” (11.5%).
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