(MENAFN) Based on the Japan's Economy and Industry Minister Yasutoshi Nishimura, the Japanese energy company SODECO has agreed to keep its 30 percent investment in the new business that is going to oversee the Sakhalin-1 oil and gas project in Russia's Far East. He remarked, applauding the choice, which he claimed would assist to maintain Japan's energy security, “it’s an extremely important project.”

According to Nishimura, SODECO must now inform Moscow of its choice by November 11, the timeframe established by Russia. 50 percent of SODECO is owned by the Japanese government, with the remaining shares being held by private businesses, such as the trading firms Itochu and Marubeni, the energy corporations Inpex and Japan Petroleum Exploration, and trading companies Itochu and Marubeni.

In the beginning of October, Moscow stated that it is going to set up a new regional operator for Sakhalin-1. ExxonMobil, a major United States oil company that left the project earlier this year because to Western penalties against Russia, formerly oversaw it.

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