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Gazprom Controls Multi-Billion-Dollar Sakhalin-2 Gas Project

Russian natural gas monopoly Gazprom signed final documents on Wednesday

Russian natural gas monopoly Gazprom signed final documents on Wednesday to gain control in a multi-billion-dollar oil and gas project Sakhalin-2.

The files were signed by management of Gazprom and Royal Dutch Shell, Mitsui and Mitsubishi.

Gazprom will acquire a 50 percent stake plus one share in the project, worth $7.45 billion, by partially buying the stakes of the three foreign shareholders of Sakhalin Energy, according to agreements signed last year.

The project has completed 80 percent of work so far, said ShellRussia Chairman Christopher Finlayson.

The Sakhalin-2 project supervisory council has approved a layout for the project's second stage, which will cost 19.4 billion U.S. dollars till 2014, the industry and energy ministry said on Wednesday.