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Post: The government will be able to sell foreigners’ shares in the new operator “Sakhalin-2”

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Government Assembly of the Russian Federation. archive photo

Now the Government has the right to sell foreigners’ shares in the new operator “Sakhalin-2”.

MOSCOW, June 30 – RIA Novosti. The government of the Russian Federation will be able to sell the shares of foreign participants that they have a potential opportunity to acquire in the new Sakhalin-2 operator, in proportion to the shares in the existing Sakhalin Energy, if their transfer does not take place. By decree of the President of the Russian Federation, it will expire and the resulting damage minus the proceeds will be transferred to a special account.

“The share in the registered capital of the company (new Sakhalin-2 operator – ed.) that has not been transferred to the shareholder (Sakhalin Energy – ed.) of the company (foreign – ed.) is subject to consideration by the government of the Russian Federation and sale to a Russian legal entity.” It also indicates that a Russian legal entity has 4 months to sell a foreign participant’s share.

“Income from the sale of a share in the authorized capital of the company, which is not transferred to the shareholder of the company, is credited to the “C” type by the buyer of such a share. The account opened by the company on behalf of this shareholder of the company is also stated in the decree.

At the same time, the relevant shareholder is not entitled to dispose of the funds from the sale of shares until the assessment of the damage (financial, environmental, technological) inflicted on them is completed.

“The fund amount to the amount of loss incurred is debited from the “C” type account opened in the name of the company partner associated with foreign legal entities (branches) and (or) legal entities. He is responsible for the losses,” the document states.

Sakhalin-2 is an oil and gas project developing two oil and gas fields in the northeast of the Sakhalin shelf, Piltun-Astokhskoye (mainly oil) and Lunskoye (mostly gas). The infrastructure includes three offshore platforms, an integrated onshore processing facility, an oil export terminal and an LNG plant with a design capacity of 9.6 million tons per year. The operator is Sakhalin Energy, Mitsui & Co., in which Gazprom holds 50% plus and Shell minus 27.5%. Ltd – 12.5%, Mitsubishi Corporation – 10%.

Source: Ria

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