Shell could be forced to abandon a £3bn investment in a huge Russian gas plant after Vladimir Putin threatened to seize the rights to the project. The Kremlin has said it plans to transfer the rights to the Sakhalin-2 plant in the far east of Russia to a new Russian company, citing economic security and national interests. Shell holds a 27.5% stake in the liquefied natural gas (LNG) facility. After Russia’s invasion of Ukraine, Shell vowed to exit the project and said it would not invest further in Russia. European countries have scrambled to fill their gas storage facilities for fear of a complete shutdown in Russian gas supplies.

Source: The Guardian July 01, 2022 20:03 UTC