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Energy

Japan-backed Sakhalin-2 LNG project rocked by Shell exit

Mitsui and Mitsubishi also invested in joint venture with Russia's Gazprom

Shell is withdrawing from the Sakhalin-2 liquefied natural gas plant in Russia.   © Reuters

LONDON/HOUSTON, U.S. -- Shell will exit all oil and gas projects involving Russian state-owned energy giant Gazprom in response to Russia's invasion of Ukraine, including a landmark LNG plant that has served as a symbol of cooperation between Tokyo and Moscow.

The British oil major will quit the joint venture for the Sakhalin-2 offshore liquefied natural gas plant. Shell's move puts the spotlight on Japanese groups Mitsui & Co. and Mitsubishi Corp., the two other investors in Sakhalin-2.

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