oil and gas project, the Financieele Dagblad reported on its website this morning. Quoting insiders, the paper says Shell is to hand control over to Russian gas company Gazprom. Shell has a 55% stake in the environmentally-sensitive Sakhalin II project.

The sources say Shell will keep a ‘blocking minority’ stake of at least 25% in the project. The paper says the deal was agreed by Shell chairman Jeroen van der Veer and Gazprom boss Alexei Miller on Friday.
The Russian authorities have already suspended several licences relating to the project, citing environmental law infringements.