The Russian state-controlled natural gas giant Gazprom is to take a 50% plus one share stake in the Shell-operated Sakhalin-2 energy project. The deal was signed at a Kremlin meeting between President Vladimir Putin and top executives from Shell and Gazprom along with officials from the project's Japanese shareholders.Putin said: "With regard to the Sakhalin-2 project, I am aware that a few years ago Shell had already invited Gazprom to take part. The Russian government is interested in realising this project as much as its investors are. And I would like to thank you for the flexibility that you expressed in the course of these negotiations."
The new ownership leaves Shell with 27.5% and of its Japanese partners, Mitsui get to keep 12.5% and Mitsubishi 10%.
The budget has risen to 17 billion euros and the site has estimated reserves of 45 billion barrels of oil.
The deal ends a year long campaign in which Moscow threatened to take away Shell's permits on environmental grounds and to block investment plans unless Gazprom was allowed to join the project.
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