Royal Dutch Shell pulled out of a project to build a Russian liquefied natural g...
LONDON/MOSCOW - Royal Dutch Shell pulled out of a project to build a Russian liquefied natural gas plant partly because Gazprom suddenly added another partner with links to an ally of President Vladimir Putin, according to five sources.
The sudden change in the line-up of partners was one of the key factors contributing to Shell’s Wednesday announcement that it was pulling out of the project, according to three sources close to Shell and two other sources familiar with the project. With RusGazDobycha’s arrival also came changes to the configuration of the project itself, which Shell did not feel comfortable with, all of the sources said.
The sudden shift in the project underlines the unpredictability of doing business in Russia — even for a firm like Shell with a long pedigree of successful cooperation. It also shows how Rotenberg’s business empire, focused mainly on construction and engineering, is expanding into the energy sector. The Russian government has given no indication as to whether it would extend Shell’s Sakhalin contract.One of the problems for Shell was that Rotenberg, a long-standing friend of Putin and his former judo training partner, was under sanctions and that created sanctions risks for Shell too, according to one of the sources close to Shell and the second source familiar with the project.
RusGazDobycha is 100 percent-owned by a firm called National Gas Group , according to the Spark database, which collates official data from the tax agency and the state statistics agency.
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