MOSCOW, September 29 The Russian government has approved the rules for assessing and selling the share of the American ExxonMobil in the new operator of the Sakhalin-1 oil and gas project; it can purchase a share only a Russian legal entity that meets the criteria approved by the Cabinet of Ministers follows from the resolution available.
«These Rules determine, in accordance with subparagraph «h» of the decree of the President of the Russian Federation… «On the application of additional special economic measures in the fuel and energy sector in connection with the unfriendly actions of certain foreign states and international organizations» the procedure for assessing and selling shares in the authorized capital company… «Sakhalin-1″…, the transfer of which… was not carried out by the relevant foreign party of the consortium,” the document says.
“A Russian legal entity that meets the criteria approved by the government of the Russian Federation can act as a selection participant. A conclusion on compliance with the specified criteria is issued by the Ministry of Energy of the Russian Federation,” it adds.
The government appointed B1-Consult as the independent appraiser, and the Ministry of Energy of the Russian Federation as the customer. In this case, the person who acquires the share of the foreign participant pays for the services. Based on the results of the assessment, the initial value of the share will be formed. And its sale will be carried out according to the principle of an auction — the winner is the one who offers the highest price. If only one legal entity meets the criteria, it will become the winner and receive a share in Sakhalin-1 at the initial cost.
In October 2022, the President of the Russian Federation ordered the creation of a Russian operator of the Sakhalin-1 PSA project, which will receive the rights and responsibilities of the American Exxon Neftegaz Limited, which owns 30% in the project. The new operator was managed by the Rosneft structure Sakhalinmorneftegaz-Shelf with a 20% share in the project. Foreign participants, Japanese Sodeco and Indian ONGC, owning 30% and 20% in Sakhalin-1, respectively, confirmed their intention to remain. Exxon has been in the process of exiting since March last year.