
On Dec. 22, the Russian government succeeded in its long-standing campaign to wrest control of the country’s largest single foreign investment project — the $22 billion natural gas development on the Russian Pacific island of Sakhalin. The project includes the first liquefied natural gas (LNG) plant and related export facilities built in Russia. According to the deal, Royal Dutch Shell, Mitsui & Co., Ltd., and Mitsubishi Corp. will each surrender half of their shares in the Sakhalin Energy consortium. In their place, OAO Gazprom, Russia’s state-controlled natural gas monopoly, has taken a majority (50 percent plus one share) stake in […]