Shell Seeking Partner in Sakhalin-2 Project

Shell said that the company would like to divest a portion of its interest in the Sakhalin-2 project while at an investment conference hosted by Renaissance Capital. "We are looking to sell several percent over the coming month," said John Barry, chairman of Shell-Russia. "We don't have to stay at a level where we have more than 51%."

Shell said the buyer does not have to be a Russian company. The company is mainly interested in a partner that can help secure long-term LNG supply contracts. The other partners is the project, Mitsui and Mitsubishi, have been instrumental in securing long-term LNG supply contracts with Tokyo Gas and Tokyo Electric.

Partners in the project are Shell with 55%, Mitsui with 25% and Mitsubishi with 20%.