Russia Approves Novatek Bid for Shell’s Sakhalin LNG Stake (1)

Russia approved Novatek PJSC’s request to buy Shell Plc’s stake in the Sakhalin-2 liquefied natural gas project, according to a government order.

The 27.5% stake in Sakhalin Energy, the operator of the Sakhalin-2 plant in Russia’s Far East, was valued at 94.8 billion rubles ($1.15 billion), according to the order.

President Vladimir Putin is allowing Shellto receive proceeds from the deal, the Kommersant newspaper reported last week. It remains unclear whether the London-based oil firm will take the money, and Shell declined to comment on the Russian government’s approval.

Shell withdrew from Russia last year in ...