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Japan Still Discussing Sakhalin-1 Participation

OIL

Japan says it is still checking the details of the Russian decree on Sakhalin-1 and will continue talks with stakeholders to decide whether to invest in a new Russian operator.

  • "We have repeatedly said Sakhalin-1 is a very important project for Japan," Japan's industry minister, Yasutoshi Nishimura said, "We will continue to discuss with all parties concerned, including SODECO's private shareholders, and consider specific actions to be taken,".
  • Putin issued a decree earlier this month for the project previously led by ExxonMobil authorising the Kremlin to decide whether foreign shareholders could retain stakes in the project. They made a similar move for Sakhalin-2 earlier in the year.
  • The companies have until the middle of next month to commit to a stake in the project which is producing at negligible rates since ExxonMobil pulled out. Russia intends to ramp up production again in the near term.

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