The town of Yuzhno-Sakhalinsk today has hosted a meeting of a new Sakhalin Energy Board of Directors. Attending the meeting were Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee, Chris Finlayson, Head of Shell in Russia and Chairman of the Sakhalin Energy Board of Directors, Itiro Maekawa, General Manager of Mitsui & Co. Ltd, Kadzuyuki Mori, General Manager of Mitsubishi Corporation as well as executive directors of Sakhalin Energy.

The Board discussed the progress with activities within the Sakhalin-2 project and approved a schedule plan for the project implementation and gas supplies to consumers in 2008.

Earlier today the Board members met with Sergey Sheredekin, First Vice-Governor of the Sakhalin Oblast.

“Gazprom totally joined the Sakhalin-2 project still being implemented according to schedule, and as a majority stakeholder will be involved in making all key decisions relevant to the company’s business activity. The project infrastructure construction is at a completion stage and Gazprom plans to give practical help aimed at providing start-up operations,” said Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee.

Reference:

On April 18, 2007, Gazprom and the stockholders of Sakhalin Energy (Royal Dutch Shell plc, Mitsui & Co. Ltd and Mitsubishi Corporation), which is the Sakhalin-2 project operator, entered into a purchase and sale agreement whereby Gazprom acquired a 50 per cent plus one share stake in Sakhalin Energy.