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Shell, Gazprom To Swap Assets

Shell signed an asset swap deal with Russia's gas monopoly Gazprom on Thursday

Royal Dutch/Shell signed an asset swap deal with Russia?s gas monopoly Gazprom on Thursday, under which the Anglo-Dutch concern will give up part of one of its most valuable oil and gas projects.

Gazprom will acquire up to 25 percent stake in Sakhalin-2, the world's largest liquefied natural gas project, while Shell will obtain a 50 percent stake in the Zapolyarnoye Neocomian field.

The difference in value will be compensated for through a package of cash and other assets. The deal is scheduled to be finalized in 2006.