Japan refuses to abandon Russian energy project| MENAFN.COM

Sunday, 25 September 2022 08:28 GMT

Japan refuses to abandon Russian energy project


(MENAFN) The Sakhalin-1 oil and gas project in Russia's Far East is crucial to Japan's energy supply, according to a story in the Nikkei newspaper on Monday, quoting Economy, Trade, and Industry Minister Koichi Hagiuda.

He made this statement in response to an order that Russian President Vladimir Putin signed at the beginning of August regarding foreign ownership of key Russian firms, “for Japan, which depends on the Middle East for about 90% of its crude oil imports, [Sakhalin-1] is a valuable source of purchases outside the Middle East.”

The paper adds that transactions involving shares in such corporations are restricted until the end of this year for holders from "unfriendly states " (those that sanctioned Russia over the Ukraine crisis, including Japan).

According to Hagiuda, Tokyo " should stop trading interests in Sakhalin-1 with third parties or third countries " as a result of Putin's order, but otherwise " we will maintain our current policy " with regard to the project's stock.

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