Shtokman group 'to be wound up'

Gazprom CEO Alexei Miller speaks at a news conference after the shareholders meeting in Moscow, Friday, June 27, 2008. The head of Russia's state-owned gas monopoly OAO Gazprom said Friday that its ties to the government give it a huge growth potential and pledged to become the world's energy leader. Gazprom CEO Alexei Miller told the shareholders meeting that the company was in a better position to compete on the international energy markets as its links to the government help it secure the rights to develop new, strategic oil and gas reserves. (AP Photo/Mikhail Metzel)

Reshuffle: Gazprom executive chairman Alexei Miller

Mikhail Metzel

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Steve Marshall ,

News Wires

 19 June 2012 07:41 GMT

Russia’s Gazprom is set to wind up the consortium created to operate the giant Shtokman gas field in the Barents Sea and is preparing to sign a deal to bring onboard Shell as a partner in the project, according to reports.

Russian President Vladimir Putin last month urged partners in the Shtokman Development operating company to make a final investment decision on the first phase of the challenging Arctic project, which has been stalled for years over commercial concerns.

Consortium leader Gazprom will dismiss the staff of Shtokman Development and could create a new company to operate the project, Russian financial daily Vedomosti, citing sources, reported on Tuesday.

A new deal will be signed at the St Petersburg Economic Forum this week, it said, adding Anglo-Dutch Shell was seeking a one-quarter stake and was…

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