The government will create a Russian operator “Sakhalin – 1”

MOSCOW, 7 Oct – PRIME. The Russian government was instructed to create a Russian operator of the Sakhalin-1 project, which will receive the rights and obligations of Exxon Neftegaz Limited, follows from a presidential decree published on the official Internet portal of legal information.

“I decide … The Government of the Russian Federation creates a Russian limited liability company, to which, on the basis of this decree, all the rights and obligations of the association of legal entities – investors, which operate on the basis of an agreement and joint activities and do not have the status of a legal entity … including the rights and obligations of the operator (Exxon Neftegaz Limited),” the document says.

The operator of the Sakhalin-1 project is now a subsidiary of ExxonMobil, which owns a 30% stake in it. In March, she announced her intention to withdraw from the project, and in April she announced a force majeure regime, as a result of which the project was almost stopped. Also shareholders of Sakhalin-1 are Rosneft (20%), Japanese Sodeco (30%) and Indian ONGC (20%). Earlier, the governor of the Sakhalin region, Valery Limarenko, said that the project had suspended gas production since September 16. In addition, oil production was stopped at Sakhalin-1.

Shares in the authorized capital of the new operator of the Sakhalin-1 project should go to the enterprise itself and two subsidiaries of Rosneft – Sakhalinmorneftegaz-Shelf and RN-Astra, follows from the decree of Russian President Vladimir Putin. The new operator of the Sakhalin 1 project will be managed by the Rosneft structure Sakhalinmorneftegaz-Shelf, at least until all stakes in the operator are distributed, after which the authority of the structure can be extended.

The stake in the new Sakhalin-1 operator, which will not be transferred to foreign participants, is subject to evaluation and sale to a Russian entity, the decree also says.

Also, the new Sakhalin-1 operator and its participants will retain a special tax regime and the exclusive right to export gas.