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Mitsubishi and Mitsui in driving seat for Sakhalin-3

Mitsubishi and Mitsui in driving seat for Sakhalin-3

Tokyo: Mitsubishi Corp. and Mitsui & Co. are set to obtain business rights in the Sakhalin-3 site, which is believed to have the largest reserves of oil and natural gas among energy resources development projects off Sakhalin in Russia's Far East, sources have told Energy Current.

Currently, Gazprom, Russia's state-run natural gas company, holds a 100 percent stake in Sakhalin-3's main drilling area.

Gazprom is negotiating with multinational oil firm Royal Dutch Shell about drilling methods and other details, aiming for the joint development of Sakhalin-3.

If they reach an agreement, Mitsubishi and Mitsui would highly likely join the development.

The two trading firms have jointly worked with Shell on the Sakhalin-2 project, which the two firms hold a combined 20 percent stake.

In addition, Mitsubishi and Mitsui have agreed with Shell to jointly engage in future development projects in Sakhalin.  [29/07/09]