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Russia's Gazprom, Shell to sign deal on Baltic LNG project - Kremlin

Reuters - UK Focus

MOSCOW, June 14 (Reuters) - Russian gas giant Gazprom and oil major Shell (LSE: RDSB.L - news) will sign a deal on a planned Baltic liquefied natural gas (LNG) project on the sidelines of a forum in St. Petersburg later this week, Kremlin aide Yuri Ushakov told reporters on Tuesday.

He said the deal will be signed in the presence of Russian President Vladimir Putin, who will meet Shell's Chief Executive Ben van Beurden at the forum.

Gazprom plans to build the plant, which may produce up to 20 million tonnes of LNG per year, by December 2021.

Russian daily Kommersant has reported that Shell would like to acquire 25-35 percent in the project. Ushakov did not elaborate on what the deal would involve. (Reporting by Denis Dyomkin; writing by Vladimir Soldatkin; Editing by Christian Lowe)