Russia's President Vladimir Putin called on Statoil ASA (STO) Friday for activation of the Shtokman liquefied natural gas project off the Russian Arctic Circle, while Russia's Kommersant daily reported that the Norwegian company is preparing to leave the project.

 

At a meeting with Statoil's Chief Executive Officer Helge Lund, Putin said: "You have a good project, the Shtokman, on which there is still no investment agreement. We should move more actively, and we have all the means to start moving."

 

He also said that he hopes some progress may be achieved at the St. Petersburg economic forum in late June.

 

Russian gas giant OAO Gazprom's Chief Executive Alexei Miller, who was also present at the meeting, said Shtokman gas will be almost completely liquefied.

 

Gazprom owns 51% of Shtokman, Total SA of France owns 25% and Statoil owns 24%. The project has suffered a number of delays on the investment decision. Kommersant reported Friday that Statoil may leave the Shtokman consortium and be replaced by Royal Dutch Shell PLC.

 

A Gazprom official said Wednesday the company may review the list of participants next month. If Statoil leaves the project, it would still have a foothold in Russia. The company agreed May 5 to form a joint venture with Russia's state-controlled oil company OAO Rosneft to develop Russia's mostly untapped offshore energy resources in the Arctic.