A Russian LLC will be created in Russia, which will become the new operator of the project, the companies will transfer all the rights and obligations of the consortium of investors and operator Exxon Neftegas Limited provided for by the production sharing agreement.
The property created or acquired under the agreement shall become the property of the Russian Federation.
On June 30, Putin signed a decree according to which the operator of the Sakhalin-2 project, Sakhalin Energy, will be replaced by a new, Russian legal entity.
At the same time, the property of Sakhalin Energy will be transferred to the ownership of Russia with simultaneous transfer for free use to the new operator Sakhalin-2.