MOSCOW, April 3. /TASS/. Russian independent gas producer Novatek has applied to participate in the Sakhalin 2 oil and gas project, the company told TASS.

"Novatek has filed an application in accordance with the decree of the President of Russia to participate in the selection of a buyer of a stake in Sakhalinskaya Energiya. We proceed from the need for uninterrupted financial and economic activities of the enterprise and maximum observance of the interests of all interested parties," the company said.

About situation around Sakhalin 2 project

On June 30, 2022, President Vladimir Putin signed a decree under which a Russian stock company would replace Sakhalin Energy as the operator of the Sakhalin-2 project. On August 2, 2022, Russian Prime Minister Mikhail Mishustin signed a decree establishing Sakhalinskaya Energiya, the new operator of Sakhalin 2. The company was registered on August 5.

Japanese companies Mitsui and Mitsubishi agreed to keep their stake in Sakhalin-2, but Shell, which has a 27.5% stake in the project, said it would not have any stake in the new company. Under the decree, the further sale of any stake in the Sakhalinskaya Energiya can only be made to a Russian legal entity. Novatek has expressed interest in the project.

Now Shell's stake is to be valued and sold, and the money from the sale is to be transferred to a special account. The Russian government is also conducting financial, environmental, technological and other audits of the activities of foreign participants in the project in terms of how they are adhering to the PSA. As a result of the audit, there may be certain fines, the payment of which will be made from this special account.