Anglo-Dutch oil and gas company Shell has begun the process of its “painful” withdrawal from Russia’s largest energy project, Sakhalin-2, as it will be forced to sell 27.5% of its shares in the project.
An informed expert told the Financial Times that the company is in “nightmare” negotiations to sell 27.5% of its shares in the project.
According to the newspaper, “Shell” is trying to compensate for part of the five billion dollars it will lose as a result of closing its business in Russia.
She added that the Chinese companies “Cnooc”, “CNPC” and “Sinopec” are ready to acquire Shell’s assets, but the company will have to provide a good discount to complete the sale.
And the Japanese Minister of Economy, Trade and Industry, Koichi Hagiuda, announced earlier that his country will not withdraw from the “Sakhalin-2” oil and gas project, because it fears that it will be replaced by another country.
