The Russian Government has approved the procedure for the valuation and sale of Exxon's stake in the new operator of the Sakhalin-1 oil and gas project.
According to the rules, Exxon's stake will be valued by an independent appraiser and approved by the Russian government. After that the Federal Property Management Agency facilitates the sale of the stake in the authorized equity of Sakhalin-1 LLC. The agency will select the buyer based on who makes the highest bid. Any Russian legal entity that meets the criteria approved by the government can participate in the bidding.
If only one company submits an application or only one legal entity is recognized, there will be no selection process, and this company will take the stake at the starting price.
Nadmitov, Ivanov & Partners Law Firm advises on the legal regulation of the fuel and energy industry.
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