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Putin moves to seize a large gas venture in Russia’s Far East.

Shell and two Japanese companies, Mitsui and Mitsubishi, are minority shareholders in the Sakhalin-2 joint venture.

Russia is moving to take over an important natural gas joint venture, putting the investments of Shell and two Japanese trading companies, Mitsui and Mitsubishi, at risk.

A decree issued by President Vladimir V. Putin on Thursday said the project, called Sakhalin-2, which is on Sakhalin Island in Russia’s Far East and is a key exporter of fuel to Japan, would be taken over by a new company.

Shell has previously said it planned to exit its 27.5 percent stake in the venture, as part of its efforts to pull out of Russia following the invasion of Ukraine.

Mr. Putin may be trying to head off those efforts. Under certain circumstances, the Russian government would be able to keep the proceeds from any sale, Reuters reported.

On Friday, Shell said it was “assessing” the implications of Russia’s move but declined to comment further. Shell has already written off $1.6 billion of the value of Sakhalin-2.

The presidential order is unlikely to inflict much immediate damage on Shell, Europe’s largest energy company, which reported a record $9.1 billion in profits for the first quarter of this year, because of high oil and gas prices. It could, though, herald other strong-arm tactics against Western oil companies that still have assets in Russia.

After the invasion of Ukraine in February, Shell said that it would exit Sakhalin-2 and other ventures in Russia, although it did not set a precise date or indicate what it would do with its stake and other ventures. In May, Shell sold its gas stations in Russia to Lukoil, a private Russian company.

If it gave up Sakhalin-2 Shell would also lose its share of the liquefied natural gas exported by the project, which amounts to about 7 percent of the company’s global L.N.G. capacity, according to an estimate by Jefferies, an investment bank. L.N.G. is a key business for Shell.

Gazprom, the state-controlled energy giant, has a controlling 50 percent stake in Sakhalin-2, while Mitsui has 12.5 percent and Mitsubishi 10 percent. Under the decree, Gazprom will keep its share, while Shell, Mitsui and Mitsubishi will be required to ask for new stakes, Reuters reported.

The smooth flow of fuel supplies from Sakhalin-2 to Japan and other countries may be the primary concern after this move, but so far, Japan has taken a less confrontational approach to Russia than European countries over the war in Ukraine.

Prime Minister Fumio Kishida of Japan said the government needed to keep “a watchful eye on the kind of demands” the new arrangement may bring. Both Mitsui and Mitsubishi said there had been no impact on production at Sakhalin-2 so far.

Ben Dooley and Hisako Ueno contributed reporting.

Stanley Reed has been writing from London for The Times since 2012 on energy, the environment and the Middle East. Before that he was London bureau chief for BusinessWeek magazine. @ stanleyreed12 •  Facebook

Posted in: Business ethics, Business Principles, Fossil Fuels, Gas, Gas-to-liquids, Gazprom, LNG, New York Times, President Putin, Reuters, Royal Dutch Shell, Russia, Sakhalin II, Shell, Shell Energy, Shell PLC.

Impossible to move home with them : I recently moved from a home where I was a Shell Energy customer, to a home that is also supplied by Shell Energy. After 5+ calls and emails promising me my account and most importantly, my tariff, would be carried over, they have failed to do so and they are now ignoring my emails. Their customer service is absolutely diabolical.

Truly awful cancellation experience : Firstly i have no problem with the broadband quality and general customer service but i have just had a horrendous experience trying to cancel my contract in favour of virgin. i made it very very very clear i just wanted to cancel but the bloke insisted endlessly on try to persuade me otherwise to the point where i was getting proper stressed out. i won't ever go back to Shell

Rubbish Company : Where do I start ... AGAIN! Just received ANOTHER message from you regarding my account! Advising me to contact debt management company!. I am, as I keep TRYING to tell you, I'm on Universal Credit but, at the moment I've been sanctioned until the end of July, and also have a hardship fund payment of £*** which I have to pay back until next February! I have no money for all my usual bills off-line this one, so maybe YOU can tell me how I'm supposed to pay this bill with no money! I can't even afford to buy food to last me a month. I have NO MONEY! If Green Star Energy I ad sorted out this problem in the 1st place, I wouldn't be in this mess! Unfortunately I don't have a money tree in my garden, not do I have a money making machine. I'm as poor as a church mouse! I haven't had enough money for 3 years now! Is anyone else having problems with this company? I'll say no more!

Sylvia Holmes : Was with the Post Office broadband until Shell took over. Was emailed to activate my account which I did , WiFi went off. Called several times was kept waiting for someone to answer, must now total 4 hours +. Eventually Ayisha answered must be a fault on the line from the exchange. Then router not recognised! Engineer appointment was made for 31/5/22 — 8am till 1 pm No show. Rang again why no show..Naeem says I’ll transfw you to the technical team ..was cut off. Emailed customer help, reply line is ok , reset your router with a pin, check your wires are fully in the plug. Pat, said she will contact outreach either Tuesday or Wednesday. Meanwhile I’m without WiFi? What’s occurring Shell?

Bogus Group : The Offshore Alliance and the Electrical Trades Union (ETU) have both served Shell with formal notice that industrial action will commence on the Prelude FLNG facility on 10 June.

Awful company who don't listen or care about customers! : I've had an utter nightmare with Shell. After I inherited my fathers house in Jan they have been nothing but trouble. I called them within a week of the house being put in my name and told them I do not live near the house and to put the account in my name and send any bills to my address. I made it very clear that I would be paying any bills, was happy to do so, and where to send them. Fast forward to early April, we visit the house to find bill after bill addressed "to the occupier". Again I got in touch right away and told them the NEED to put the account in my name as I won't be visiting the house again as it was set to sell at the end of April. I spoke to a representative who said "No worries, just call us when the house sells and we will settle the account". I did just that and paid them. However I've checked my credit score and have multiple negatives which are now preventing me getting a mortgage. As if dealing with the death of a parent isn't difficult enough Shell have now prevented me getting a mortgage for the next 7 years!!

Awful customer service : Awful customer service that won't talk about your complaint. I have never come across such an evasive company before. Can't wait to change provider!

Nothing Positive about Shell Energy : Smart meter fitted which fail to register and Shell just estimate bills which overcharge me and in this time of crisis I can do without the grief. The app is useless and keeps failing and you have to log in through the website. Good you may think but no, get regular massages advising data like account information is unavailable. Ofgen transfered me to this company last year when the company I was with went south, maybe they need to look at the suppliers and see if they can indeed look after customers or if they are just profiteering from the energy crisis. I would never recommend them to anybody and cant wait for the day that I can transfer to another supplier.

App is rubbish : App is rubbish. Never loads the actual usage. Fails to upload details from my smart meter - gas and electricity. Never shows statements. Deleted and reinstalled the app. No joy. Very poor. My smart meter mini display is fab - app rubbish

Shell mucked up everything : Worst Company EverI used to be with Post Office broadband, had the unfortunate situation to be sold to Shell, mucked up everything about swapping over, meant to have caller Id for personal reasons did not happen, another muck up cannot get through to customer lack of service had to cancel DD to hopefully get resolution but will impact my credit rating, do not use this company awful. Thank you for your reply but I am not prepared to wait the usual 50 minutes to try to get through to your customer line, sure it helps your profits. I have to work to pay my bills and calling during work hours is not appropriate, to prove your excellent customer service, tongue in cheek sort my caller Id within 24 hours lol, also guarantee no interruption in service and my credit rating won’t be impacted I might change my mind

Absolutely shocking service : Even more bad service After leaving a previous negative review about how bad shell energy is Shell replied asking for my account number so that they could investigate..so l did provide it however l haven't heard a thing from them. This was a number of months ago and yet again another example of how poor Shell is. Absolutely shocking service.

After leaving a previous negative review about how bad shell energy is Shell replied asking for my account number so that they could investigate..so l did provide it however l haven't heard a thing from them. This was a number of months ago and yet again another example of how poor Shell is. Absolutely shocking service.

Bereavement rip off : Bereavement rip off Shell Broadband charged me £108 to cancel when my mum died because the account was in my name. Then they kept adding more charges even though their email said no extra fees would be added. 1hr 32mins to cancel the service & passed to 4 different departments - it was as if no one had ever been bereaved before. Then no reply to my email via their online help, followed by over 1 hr on their online chat. I would avoid Shell Broadband.

Shell Broadband charged me £108 to cancel when my mum died because the account was in my name. Then they kept adding more charges even though their email said no extra fees would be added. 1hr 32mins to cancel the service & passed to 4 different departments - it was as if no one had ever been bereaved before. Then no reply to my email via their online help, followed by over 1 hr on their online chat. I would avoid Shell Broadband.

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