China’s biggest state-owned energy companies are reportedly negotiating the opportunity to buy a stake in a major Russian gas export project from Shell after the British oil and gas corporation exited Russia over the conflict in Ukraine.
Cnooc, CNPC, and Sinopec Group are in joint talks with Shell over the company’s 27.5% stake in the Sakhalin-2 liquefied natural gas venture, according to people with knowledge of the matter, as quoted by Bloomberg.
The discussions, which are in the early stages, reportedly include the sale of the stake to one or two of the Chinese firms, or to a consortium of all three majors. Shell is also open to negotiations with other potential buyers outside of China, the sources, who asked to remain anonymous, told the media.