Shell still retains the contract to buy LNG from Novatek

Shell still retains a long-term contract to purchase liquefied natural gas from Novatek, the company says in its annual report. Shell also notes that it still owns a 27.5% stake in Sakhalin Energy, a Bermuda-based company that no longer has any licenses, rights or obligations in the Sakhalin-2 project. At the same time, Sakhalin Energy has refused to fulfill its long-term LNG contract with Shell, which means its termination.