Gazprom and Royal Dutch Shell signed a five-year strategic cooperation agreement on March 16, the Russian gas giant said.
The signing ceremony took place via video link in the presence of the CEO of Gazprom Alexey Miller and Shell CEO Ben van Beurden.
The newly signed document, which expands the interaction between the two companies, focuses on researching energy markets, implementing projects along the entire value chain, working together on digitizing technologies and reducing greenhouse gas emissions, Gazprom said.
“Today we have taken a new step in the development of our collaboration,” said Miller. “The signing of the agreement shows that our work together has produced good results and that we are setting ambitious goals in both the short and long term. Without a doubt, the experience we have gained guarantees us new future success, ”he added.
Miller and Ben van Beurden reviewed the collaboration between Gazprom and Shell, particularly the Sakhalin II gas field. Last year, a record volume of liquefied natural gas – over 11.6 million tons – was produced and delivered to customers as part of the project.
Regarding the decarbonisation of the European energy sector, Gazprom and Shell noted that natural gas can play an important role in achieving European climate goals.
Gazprom and Shell are jointly participating in the Sakhalin II project, which also includes Russia’s first LNG plant. The project operator of Sakhalin II is Sakhalin Energy (Gazprom – 50% plus one share, Shell – 27.5% minus one share, Mitsui & Co – 12.5% and Mitsubishi Corporation – 10%).
The previous strategic cooperation agreement between Gazprom and Shell was signed in 2015.