Japan will allow the provision of services for the Sakhalin-1 and Sakhalin-2 projects
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The Ministry of Finance of Japan allowed the partial provision of construction and engineering services to Russia. This should from a notice posted on the ministry’s website.
Japan has introduced exemptions for projects “that are important in terms of energy security.” We are talking about services related to the exploration, production, liquefaction, storage, transportation and transshipment of crude oil and combustible natural gas for the Sakhalin-1, “Sakhalin-2and Arctic LNG-2. The amendments will apply from September 30, 2023. An exception is made from the list of measures that Japan introduced against Russia due to the situation in Ukraine on May 26.
In March, Japanese Prime Minister Fumio Kishida declaredthat Japanese companies will continue to participate in the Sakhalin-1 andSakhalin-2“.
In the Sakhalin-1 project, the Japanese company Sodeco owns a 30% stake. Also participating in the project are the Indian ONGC (20%) and “Rosneft“. In March 2022, ExxonMobil announced plans to withdraw from the project. In October 2022, Russian President Vladimir Putin signed a decree on the creation of a new Russian operator of the Sakhalin-1 project, which will receive all the rights and obligations of the participants in the PSA, as well as the current operator of the project, Exxon Neftegaz Limited. Rosneft’s subsidiary, Sakhalinmorneftegaz-Shelf, has become the new managing operator.
Earlier, the Japanese authorities announced their intention to keep shares in Sakhalin-1. In November 2022, the Minister of Economy, Trade and Industry of Japan, Yasutoshi Nishimura, announced that the government had asked Sodeco to stay in the project.
The Sakhalin-2 project involves Japanese Mitsui and Mitsubishi, which own 12.5% and 10%, respectively. In June 2022, Putin signed a decree according to which all rights and obligations of the former operator of the Sakhalin-2 project, Sakhalin Energy Investment Company Ltd. were transferred to a specially created Sakhalin Energy LLC. The new operator announced the start of work on August 19. In addition to Japanese companies, the project involves “Gazprom» (50% plus 1 share). Another 27% minus 1 share belongs to Shell, which had previously announced its withdrawal from Sakhalin-2.
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