21st Dec 2006 16:40
SAKHALIN II SHAREHOLDERS REACHED AGREEMENT WITH MINISTRY OF ENERGY AND INDUSTRY OF THE RUSSIAN FEDERATION
The Sakhalin II project shareholders (Royal Dutch Shell plc, Mitsui and Mitsubishi) have today reached agreement with the Ministry of Industry and Energy as the authorized state body for the supervision of Production Sharing Agreements of the Government of the Russian Federation, regarding the amended budget of Sakhalin II and cost recovery.
The Production Sharing Agreement for the Sakhalin II project will continue.
The Sakhalin II Amended Project Budget for phase 2 is now expected to be approved by the Supervisory Board.
The parties have agreed to jointly resolve all outstanding issues. The shareholders now look forward to implementing the project in line with the current schedule, including obtaining all necessary permits and approvals granted in accordance with applicable Russian legislation and the PSA.
Ends
Disclaimer Statement
This document contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ``anticipate'', ``believe'', ``could'', ``estimate'', ``expect'', ``intend'', ``may'', ``plan'', ``objectives'', ``outlook'', ``probably'', ``project'', ``will'', ``seek'', ``target'', ``risks'', ``goals'', ``should'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group's products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document.
Contacts:
Royal Dutch Shell Investor Relations
London Gerard Paulides +44 207 934 6287New York Harold Hatchett +1 212 218 3112Den Haag Tjerk Huysinga +31 70 377 3996
Royal Dutch Shell Media relations
International, US, UK Press +44 207 934 5963/ 3277/ 6238
The Netherlands and European Press +31 70 377 8750
ROYAL DUTCH SHELL 'B' PLCRelated Shares:
RDSA.LRDSB.L