11.08.2022
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Finance

Putin’s decree on Sakhalin-2 taught Western energy giants a lesson – Financial Times

Russian President Vladimir Putin, by his decree on the application of special economic measures in the fuel and energy sector, which relate to the Sakhalin-2 project, taught Western energy giants a lesson.

According to the Financial Times, the transfer of assets to the state was a warning to fuel producers from unfriendly countries who are trying to “quickly and easily” sell their assets.

“Moscow does not want Shell to remain a phantom shareholder that does not generate profits,” the publication says.

At the same time, it is noted that this move, apparently, is directed to a lesser extent against Japanese investors Mitsui and Mitsubishi, which together own 22.5% of the shares.

Now the British company Shell is unlikely to be able to sell its stake to Chinese companies (Cnooc or CNPC), as it planned to do before.

Another British company, British Petroleum, as well as France’s Total Energies, which have investments in projects to develop Russian gas fields, also “have something to think about,” the article says.

As reported EADailyJune 30, Russian President Vladimir Putin signed a decree “On the application of special economic measures in the fuel and energy sector in connection with the unfriendly actions of certain foreign states and international organizations.”

According to the document, all rights and obligations, as well as the property of the operator of the Sakhalin-2 project – Sakhalin Energy – will be transferred to a specially created Russian legal entity.

This is done to protect the national interests and economic security of Russia, and also because of the “threat of a natural or man-made emergency,” the presidential decree says. These risks arose due to “violation by certain individuals and legal entities of obligations” for the development of the Sakhalin-2 fields.

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