MOSCOW, October 7. /TASS/. The Russian government appoints Sakhalinmorneftegaz-Shelf, a subsidiary of Russian oil producer Rosneft, as the managing company of the new operator of the Sakhalin-1 production sharing agreement (PSA) project.
This follows from the decree of Russian President Vladimir Putin, posted on Friday. According to the document, Sakhalinmorneftegaz-Shelf will exercise powers of the sole executive authority of the Sakhalin-1 operator from the day of its creation. The company keeps the 11.5% stake in the Sakhalin-1 project at the same time.
Within ten days after completion of distribution of participation shares in the new operator among companies that will receive an authorization from the Russian government to do so, it will be possible to elect a new executive authority of the operator or extend such powers for Sakhalinmorneftegaz-Shelf.