Analysts reported that Novatek, a Russian natural gas producer, acquired Shell’s stake in the Sakhalin-2 energy project in a lucrative transaction.
In June, a presidential decree made the operating company of Sakhalin-2 a Russian entity despite Western sanctions against Moscow for its actions in Ukraine.
Following Moscow’s special military operation, Shell was one of many Western businesses to leave Russia. Mitsui and Mitsubishi agreed to move into the new company. Shell got out of Sakhalin-2. Gazprom, which is claimed by the Kremlin, possesses half, while the Japanese organizations own 22.5 percent each.
The proposal to sell Novatek Shell’s 27.5 percent stake for $1.16 billion received support from the government of Russia. Forbes claims that Leonid Mikhelson is in charge of Novatek, which has withheld information about its shareholders for a number of years. Mikhelson is the fourth-most extravagant money manager in Russia.
After sanctions were imposed on him, Gennady Timchenko, a longtime ally of Russian President Vladimir Putin, resigned from Novatek’s board in March 2022.
Timchenko claims that Putin owned a few trading companies in and near St. Petersburg when he was working as the city’s mayor in the 1990s. He was listed as one of Novatek’s largest shareholders before the company stopped sharing his information.
His spokesperson declined to comment on whether he would remain a shareholder in Novatek. According to the Moscow-based brokerage firm BCS, they believe that Novatek’s shareholders will benefit from the transaction.
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