Gazprom invited To Shell's $10bn Sakhalin-2 Offshore Project

Royal Dutch/Shell Group, the world's second largest publicly traded oil producer, has invited the Russian natural gas group, Gazprom, to join a $10 billion oil and gas project off Russia's Pacific coast, the Russian group said. The invitation came during a meeting between Gazprom Chief Executive Officer Alexei Miller and Royal Dutch/Shell Group Chairman Phil Watts in Moscow, the Russian gas producer said in a statement faxed to news services. Shell was not immediately available for comment. The Shell led group has said it plans to invest as much as $800 million in the Sakhalin-2 offshore project this year. Shell already is producing oil from the fields next to Sakhalin Island. Shell owns fifty five percent of the project, whilst Japan's Mitsui & Co. owns a quarter and Mitsubishi Corp. holds a fifth.

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