Wellnord wants to buy Shell's stake in the company with Gazprom Neft

MOSCOW, Sep 2 — PRIME. The shipping company Wellnord is ready to buy out the share of the British Shell (50%), which is going to leave Russian assets, in a joint venture with Gazprom Neft – Salym Petroleum Development (SPD) – for 150 million euros, the Kommersant newspaper writes, citing sources.

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1 JV Gazprom Neft and Shell re-registered under Russian jurisdiction

2 Experts called the condition under which Gazprom will cut off supplies to Europe

3 Related posts:

JV Gazprom Neft and Shell re-registered under Russian jurisdiction

Shell announced at the end of February that it would withdraw from joint ventures with Gazprom and Gazprom Neft, including Sakhalin-2, Yenisei and Salym Petroleum, and also cease participation in Nord Stream 2. The day before, SPD was re-registered from the Dutch to Russian jurisdiction by the decision of the Moscow Arbitration Court. The partners’ shares in the enterprise remained the same: Shell Salym Development BV and GPN Salym Projects each have 50%.

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“Shipping company Wellnord claims a 50 percent stake in Shell in a joint venture with Gazprom Neft Salym Petroleum Development, Kommersant sources familiar with the company’s offer said. According to them, Wellnord is ready to buy out the stake for 150 million euros,” the newspaper writes. .

Shell tried to sell its stake in SPD, the newspaper claims. According to her interlocutors, several players were interested, but the winner of the tender was never announced. At the same time, Gazprom Neft, as a co-owner of the company, has a pre-emptive right to buy out a share from Shell, but such a purchase is prohibited by EU sanctions against the Russian oil company.

Company sign — Experts called the condition under which Gazprom will cut off supplies to Europe

At the same time, the potential buyer of SPD is a little-known company, and its owners are not disclosed, Kommersant notes. Wellnord is registered in the UAE. The company’s website states that it operates a fleet of oil and chemical tankers with activities in the Black and Caspian Seas. The newspaper’s sources also claim that this is a company with Russian-Hungarian participation.

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Gazprom Neft and Shell were united by many years of cooperation in various business areas. SPD is one of the largest joint projects. Since 2003, the company has been developing the Salym group of oil fields (includes the West Salym, Upper Salym and Vadelyp fields) in the Khanty-Mansi Autonomous Okrug – Yugra. On its basis, the development and testing of oil production technologies is also carried out.