Japan to Remain Invested in Sakhalin Projects

Japan intends to remain invested in the Russia’s Sakhalin-1 oil and gas project according to industry minister Koichi Hagiuda today.

• "Sakhalin-1 is a valuable non-Middle East source for Japan, which depends on the Middle East for 90% of its crude oil imports," Hagiuda said.
• "There is no change in maintaining the interests of Japanese companies in it," he said.
• A Japanese consortium called Sakhalin Oil and Gas Development owns 30% of Sakhalin-1. Russia has temporarily banned Western investors from selling shares in major energy projects.
• Japanese trading houses Mitsui & Co. and Mitsubishi Corp intend to keep their stakes in Sakhalin-2.
• "We'll need to consider specific measures after confirming details of Russia's decision," he said, adding "The public and private sectors will work together to ensure a stable supply of LNG to Japan,".
• Japan is heavily dependent on Sakhalin-2 for its LNG supply to the country.