The new operator of Russia’s Sakhalin-2 gas project announced on Friday that it had officially commenced operations related to the project.
“The new operator of the Sakhalin-2 project began work on August 19, 2022, related to the project,” the company said in a statement.
The Russian company indicated that the property, rights and obligations of Sakhalin Energy, which is the operator of the Sakhalin-2 project (a liquefied natural gas project), have been transferred.
The company also noted that Sakhalin Energy employees were transferred to the staff of the new company while maintaining their rights to social security and bonuses.
At the end of June last year, President Vladimir Putin issued a decree imposing exceptional measures in the energy sector and nationalizing Sakhalin Energy under the ownership of the Russian government in response to the sanctions of some Western countries against Moscow.
Prior to the decision to nationalize the energy company, Royal Dutch Shell owned 27.5% of the project’s shares, and two Japanese companies Mitsubishi and Mitsui each owned 22.5%.
Source: RIA Novosti