OAO Gazprom has recouped nearly a quarter of its investment --
about $2.2 billion -- in the operator of a liquefied natural gas project in Russia's Far
East, business daily Vedomosti reports Tuesday.
The gas giant bought its stake of 50% plus one share in Sakhalin-2 in April
2007 for about $7.45 billion. By early 2009, it had invested a total of $9
billion, two sources close to the gas giant told Vedomosti.
Last year, Gazprom spent $3.35 billion to buy back shares of Sakhalin Energy,
which runs Sakhalin-2, according to a presentation to analysts.
The presentation shows Gazprom is owed $1.675 billion, and the operator's Dutch
subsidiary -- the legal holder of the stock -- received from Sakhalin Energy
$578 million through buybacks, according to the subsidiary's 2008 annual report
under international financial reporting standards. It's unknown whether any
amount beyond the $2.25 billion -- including in 2007 -- was received by Gazprom
from Sakhalin-2, Vedomosti says.
The gas giant's partners in the joint venture, which began production in early
2009, are Royal Dutch Shell (RDSA, RDSB) and Japan's Mitsui & Co. (8031.TO)
and Mitsubishi Corp. (8058.TO).
A spokesman for Sakhalin Energy, Ivan Chernyakhovsky, said he couldn't comment
on financial matters. Representatives of Gazprom and Shell also declined to comment.