Japan Will Keep Investment in Sakhalin-1 Oil Project in Russia
(Bloomberg) -- Japan will keep its investment in the Sakhalin-1 oil and gas project in Russia, said the nation’s trade chief.
The government has requested a Japanese consortium to keep its stake in the project, the nation’s Trade Minister Yasutoshi Nishimura told the press on Tuesday. Japan has few resources of its own, and depends on fuel from the nearby project.
The move was widely expected as Japanese officials have stressed since Russia’s invasion of Ukraine that the project is crucial for Japan’s energy security. Japanese firms also kept investments in the nearby Sakhalin-2 liquefied natural gas export plant.
Sakhalin-1 is partly owned by a consortium of Japanese organizations including the trading company Marubeni Corp. and the government. President Vladimir Putin signed a decree in October to transfer operations of the Sakhalin-1 oil and gas project to Russia, a move that forced foreign investors to declare if they’ll maintain their stakes.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More gas & LNG news

Severe Cyclone Makes Landfall Near Australia’s Iron Ore Hub

Gas Traders Leave Essen Hungry for More on German Storage Plans

AG&P Pratham and THINK Gas toast the merger of their two brands

Russia, Turkey Discuss Gas Swap to Pay for Nuclear Plant

India LNG Buyers Negotiate US Deals Before Modi-Trump Summit

Moldova Seeks Deal to Keep the Lights on After Russia Cut Gas Supply

Zelenskiy Says Working With Trump’s Team, Seeking Deal With US

Norway Gets First Ship to Carry Waste Carbon to Undersea Storage

ADNOC Gas delivers record $5 billion net income for 2024
