Sakhalin II shareholders and Russian Federation agreement
Posted: 21 December 2006
The Sakhalin II project shareholders (Royal Dutch Shell plc, Mitsui and Mitsubishi) have today reached agreement with the Ministry of Industry and Energy as the authorised state body for the supervision of Production Sharing Agreements of the Government of the Russian Federation, regarding the amended budget of Sakhalin II and cost recovery.
The Production Sharing Agreement for the Sakhalin II project will continue.
The Sakhalin II Amended Project Budget for phase 2 is now expected to be approved by the Supervisory Board.
The parties have agreed to jointly resolve all outstanding issues.
The shareholders now look forward to implementing the project in line with the current schedule, including obtaining all necessary permits and approvals granted in accordance with applicable Russian legislation and the PSA.
Posted by Richard Price, Editor, EnergyME.com
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