Russia Sells Shell Stake in Sakhalin LNG Project to Gazprom for $1 Billion

The Russian government has decided to sell Shell’s minority stake in the Sakhalin LNG project to state-controlled giant Gazprom for $1 billion, reversing a previous decision to have LNG producer and exporter Novatek have the stake which Shell abandoned after the invasion of Ukraine. In 2022, a decree from Vladimir Putin stipulated that a newly set up state Russian company would take over the rights and obligations of Sakhalin Energy Investment Co., the joint venture running the Sakhalin-2 oil and gas project. Shell and…