OREANDA-NEWS. The shareholders of Sakhalin Energy Investment Company Ltd. (being operator of the Sakhalin-2 project) and Gazprom signed a Purchase and Sale Agreement. In accordance with the Agreement the parties will end up the process of share transfer to Sakhalin Energy.

The said deal was made in pursuance with the Protocol signed between the companies on December 21, 2006 in Moscow.

In accordance with the Protocol terms, Gazprom will purchase a 50 per cent stake plus 1 share in Sakhalin Energy for US$ 7.45 bln.

Each of Sakhalin Energy’s shareholders (Royal Dutch Shell plc, Mitsui &Co., Ltd. and Mitsubishi Corporation) will decrease its stake by 50 per cent with recompense to be allocated on a proportional basis.

As a result, Gazprom will own a 50 per cent stake plus 1 share, Shell, Mitsui and Mitsubishi - 27.5 per cent stake, 12.5 per cent and 10 per cent of shares, respectively.

Sakhalin is a new world-class oil & gas province with the reserves valued at 45 billion barrels of oil equivalent.