The Russian government allowed Mitsubishi to keep participation in the Sakhalin-2 project
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The Russian government allowed the Japanese company Mitsubishi to retain a 10% stake in the new operator of the project “Sakhalin-2”, corresponding order Prime Minister Mikhail Mishustin published on the official portal of legal information. The day before it was published a similar order regarding another Japanese company, Mistui.
The document notes that Mitsubishi Corporation notified the Russian side of its agreement to take ownership of a 10% stake in the Russian LLC Sakhalin Energy, in connection with which Mishustin ordered to allow the transfer of a 10% stake in the authorized capital of Mitsubishi’s subsidiary DGS Japan Co., Ltd .
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 the predominantly oil Piltun-Astokhskoye and the predominant gas Lunskoye fields. Previously, Gazprom owned 50% plus 1 share in the PSA project, Shell – 27.5% minus 1 share, Japanese Mitsui and Mitsubishi – 12.5 and 10%, respectively. At the end of 2020, Sakhalin Energy’s IFRS revenue was $4.3 billion, net profit was $1.08 billion.
At the end of June 2022, Russian President Vladimir Putin signed a decree “On the application of special economic measures in the fuel and energy complex in connection with the unfriendly actions of certain foreign states and international organizations.” In accordance with it, all rights and obligations of the former project operator “Sakhalin-2» Sakhalin Energy Investment Company Ltd. were transferred to a specially created Sakhalin Energy LLC. New operator informed about the beginning of work on August 19.
Former Japanese government reported about plans to stay in the project “Sakhalin-2and 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.
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