Russia moves to take control of Sakhalin-2 oil and gas project

Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake.  Russian President Vladimir Putin signed a decree on Thursday to take charge of the Sakhalin-2 project. The move could force Shell and Japan’s Mitsui and Mitsubishi to abandon their investments as the economic fallout of the Ukraine war spreads. Oil giant Shell said: “We are aware of the decree and are assessing its implications.” The decree said a new firm would take over all rights and obligations of Sakhalin Energy Investment. Shell said in February that it would sell its Russian investments due to the conflict in Ukraine, including the flagship Sakhalin 2 facility in Russia’s far east.(BBC)…[+]

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