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Gazprom and Shell discuss development of strategic cooperation

Background

Shell is a British-Dutch oil and gas company focused on hydrocarbon production, processing and marketing in over 90 countries worldwide.

Russia's only LNG plant is operating under the Sakhalin II project. The Sakhalin II operator is Sakhalin Energy Investment Company Ltd. (Gazprom – 50 per cent plus one share, Shell – 27.5 per cent minus one share, Mitsui – 12.5 per cent, and Mitsubishi – 10 per cent).

In 2015, Gazprom and Shell signed the Memorandum to construct the third production train of the LNG plant, as well as the Agreement of Strategic Cooperation providing for the expansion of the companies' joint project portfolio, including a potential asset swap.

In June 2016, Gazprom and Shell signed the Memorandum of Understanding on the Baltic LNG project. The document reflects the parties' intention to explore the prospects for cooperation within the project.

The Baltic LNG project envisages the construction of the LNG plant with an annual capacity of 10 million tons in the port of Ust-Luga, Leningrad Region.

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