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Shell may have to abandon £3bn investment in Russian gasfield

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theguardian.com

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.Putin signed a decree issued by the Kremlin which gives stakeholders a month to say whether they will take a holding in the new company.

If they refuse to sign up, investors may lose their money.Shell holds a 27.5% stake in the liquefied natural gas (LNG) facility.

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