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Japanese Government Requests Consortium to Maintain Sakhalin-1 Stake

RUSSIA
  • The Japanese government has requested a consortium to keep its stake in the Sakhalin-1 oil project in Russia, the nation’s Trade Minister Nishimura told the press on Tuesday. Japan has few resources of its own and depends on fuel from the nearby project. Bloomberg say 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 plant.
  • The US plan to cap the price of Russian oil sales will temporarily exempt shipments loaded before the Dec 5 implementation date, offering some clarity to oil shippers, traders and investors, Bloomberg report. Those shipments that will be exempted from price cap before the deadline must be unloaded by Jan 19. Anxiety has been growing over the lack of clarity about how the US price cap plan aligns with separate European Union and UK sanctions set to take force on Dec 5.
  • S&P Manufacturing PMI data crossed this morning, showing a reduction to 50.7 from 52.0 prior (Exp. 50.1). Elsewhere, Deputy Prime Minister Novak and Iran Oil Minister Owji are to meet today in Chechnya.
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