Sakhalin Energy
Russia
Far Eastern Federal District of the Russian Federation
Yuzhno-Sakhalinsk
693020, st. Dzerzhinsky, 35
Top managers:
Dashkov Roman Yuryevich
Oil and Gas Company Sakhalin Energy Investment Company Ltd. (Sakhalin Energy) is developing the Piltun-Astokh and Lunsky fields on the northeast shelf of Sakhalin Island. The company's objectives include the production, transportation, refining and marketing of oil and natural gas.
Sakhalin Energy Investment Company Ltd. (Sakhalin Energy) is the operator of the Sakhalin-2 project, one of the world's largest integrated oil and gas projects, within the framework of which a large-scale oil and gas infrastructure for the production, transportation and processing of hydrocarbons was built. The company supplies oil and liquefied natural gas to the market.
The project infrastructure includes three offshore ice-resistant platforms, the Trans-Sakhalin pipeline system, which includes 300 km of offshore pipelines, as well as an onshore gas pipeline and an oil pipeline, each with a length of 800 km, a combined onshore technological complex, an oil export terminal, and the first and so far the only liquefied natural gas plant in Russia, which produces more than 4 percent of the world LNG volume.
The main buyers of oil and LNG are energy companies in Japan, South Korea and China.
2024
Appointment of Roman Dashkov as CEO
In early April 2024, Sakhalin Energy (operator of the Sakhalin-2 project) changed its general director - Roman Dashkov became it. His candidacy was approved by an extraordinary general meeting of participants of Sakhalin Energy LLC. Read more here.
Sakhalin Project buys 27.5% of Sakhalin Energy
Prime Minister Mikhail Mishustin signed an order approving the sale of 27.5% in Sakhalin Energy (the operator of the Sakhalin-2 project) to Gazprom's structure, the Sakhalin Project. The transaction value is 94.8 billion rubles.
According to the Kontur. Focus service, Sakhalin Project LLC was established on July 18, 2023 in St. Petersburg, and its sole founder is Gazprom Sakhalin Holding LLC. In turn, Gazprom Sakhalin Holding belongs to Gazprom through Gazprom Capital LLC.
Independent expert Alexander Sobko, in a conversation with Kommersant, noted that the decision to buy a stake in the operator of the Sakhalin-2 project by Gazprom does not look unexpected. According to the expert, there were initially few applicants, and after the criteria that the buyer must meet changed in February, the likelihood that it would be Gazprom increased. Aleksandr Sobko believes that this purchase will quickly pay off for Gazprom.
Earlier, the government approved the sale of 27.5% in Sakhalin Energy to Novatek, but in February 2024 it made adjustments to the selection criteria for the buyer of the unclaimed share. They did not significantly expand the list of applicants, but equalized the chances of Gazprom and Novatek. In particular, the document excluded the condition on existing gas carrier charter agreements with a total volume of more than 4 million cubic meters for a period of at least ten years. As Alexander Sobko explained, these parameters correspond to about 22 tankers, if we take 178 thousand cubic meters per vessel.
 | Novatek most likely answered this criterion, since only ice-class tankers for the Yamal LNG fleet are 15 units, he notes. |  |
Government of the Russian Federation Order of March 23, 2024 No. 701-r
2023: Novatek buys 27.5% of Sakhalin Energy
On April 12, 2023, the official Internet portal of legal information announced that the Russian government approved the sale of a 27.5 percent stake in Sakhalin Energy LLC to Novatek, which produces natural gas.
It is said that the transaction is carried out in pursuance of subparagraph "z" of paragraph 1 of the Decree of the President of the Russian Federation of June 30, 2022 No. 416 "On the application of special economic measures in the fuel and energy sphere in connection with the unfriendly actions of some foreign states and international organizations." In accordance with this document, the Sakhalin Energy LLC specially created transferred all the rights and obligations of Sakhalin Energy Investment Company Ltd. - the former operator of the Sakhalin-2 project. The initiative provides for the development of the Piltun-Astokh oil and Lunsky gas condensate fields in the Sea of Okhotsk on the Sakhalin Island shelf. As part of the project, there is a plant for the production of liquefied natural gas with a capacity of 9.6 million tons per year (productivity was increased beyond the design to 11.5 million tons per year).
According to the newspaper Sheets"," Sakhalin Energy Investment "" To Gazprom owned 50% plus 1 share Shell - 27.5% minus 1 share, Japanese Mitsui Mitsubishi and 12.5% and 10%, respectively. The new operator Sakhalin-2 announced the start of work on August 19, 2022: at the same time, Gazprom also became the owner of the controlling stake in Sakhalin Energy.
After these changes, Japanese companies decided to remain involved in the project, while Shell in early September 2022 announced that it had notified the Russian government and partners of the abandonment of its stake. The cost of 27.5% of Sakhalin Energy LLC is 94.8 billion rubles. The buyer was a subsidiary of Novatek - Novatek Moscow Region. The order on the transfer of assets was signed by Russian Prime Minister Mikhail Mishustin.[1]
2022
Mitsubishi and Mitsui cannot withdraw from the project, as gas from Sakhalin covers 10% of Japan's needs
Mitsubishi and Mitsui cannot withdraw from the Sakhalin-2 project, because Japan is heavily dependent on supplies from Russia, the French Le Monde writes in August 2022.
Approximately 60% of the 10 million tons of gas produced on Sakhalin is bought by Japan. "This covers almost 10% of all the country's needs," the newspaper notes.
Change to pay in alternative currencies
In the 2022 aagust, Sakhalin Energy LLC, a new operator set up to strengthen Russia's control over an LNG facility in the Far East, cancelled delivery to at least one North Asian customer due to payment issues as well as delays in signing revised contracts - sources.
Few buyers have signed revised contracts, which could jeopardize gas supplies to the Japanese and South Korean markets, traders said.
Sakhalin Energy has notified customers of the need to use alternative currencies, including the ruble, euro, yen or pound sterling. Such a measure may be required if settlements in dollars, which are provided for by the terms of current contracts, are unavailable due to sanctions.
A new operator of the Sakhalin Energy project has been created, 50% of Gazprom's subsidiary
In August 2022, the Government of the Russian Federation decided to create a new operator Sakhalin-2 represented by Sakhalin Energy LLC with registration in Yuzhno-Sakhalinsk.
Gazprom Sakhalin Holding will receive a 50% stake in the authorized capital of Sakhalin Energy.
Previously, the company's shareholders were PJSC Gazprom (50% + 1 share), the Anglo-Dutch concern Shell (27.5% - 1 share), the Japanese groups of companies Mitsui (12.5%) and Mitsubishi (10%).
Sakhalin Energy property becomes the property of the Russian Federation
In June 2022, Russian President Vladimir Putin signed a decree on special economic measures in the fuel and energy sector in connection with the unfriendly actions of foreign states after the start of Russia's special operation in Ukraine.
Putin ordered by decree to change the operator of the Sakhalin-2 project to a new legal entity, which will transfer the rights and obligations of Sakhalin Energy.
The property of Sakhalin Energy becomes the property of the Russian Federation, according to the presidential decree. The Cabinet of Ministers of the Russian Federation will create an LLC that will transfer all the rights and obligations of Sakhalin Energy Investment.
Gazprom Sakhalin Holding will receive a stake in Sakhalin Energy in the Sakhalin-2 company being created in the Russian Federation.
Notes
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