Shell, Gazprom Agree to Study Arctic LNG Projects

(Bloomberg) — Royal Dutch Shell Plc and OAO Gazprom, Russia’s gas exporter, signed a preliminary agreement to study liquefied natural gas projects on the Yamal peninsula in Russia’s far north.

The companies may also consider LNG projects in third countries, Shell Chief Executive Officer Jeroen van der Veer said in an interview at the St. Petersburg International Economic Forum today.


“This will not happen overnight. This is a first step,” van der Veer said, declining to name a start date for joint projects or an investment amount.

Russia’s Arctic Yamal peninsula and the surrounding Kara Sea may hold more than 30 trillion cubic meters of gas, enough to supply the world for a decade, according to a presentation made by Shell and its partners in the Kremlin last year.

Bloomberg