Kyodo: Oil from Sakhalin-2 will not fall under the price ceiling

The price of oil from the Sakhalin-2 project is not subject to restrictions on this type of fuel. About it writes Kyodo referring to an unnamed Japanese official. Earlier today G7 countries (UK, Germany, Italy, Canada, France, Japan and the US) agreed introduce a ceiling on the price of oil from the Russian Federation. The agency does not provide details.

The restrictions introduced by the G-7 include a ban on insurance and financing for ships carrying Russian oil at a price above the agreed ceiling. However, the ceiling itself has not yet been determined. Financial Times newspaper informedthat it is planned to be introduced from February 5, 2023. By information Bloomberg, oil prices can be set in the range of $40 to $60 per barrel.

Japan is the only G7 country that has not imposed an embargo on Russian oil. In early May, Minister of Economy, Trade and Industry Koichi Hagiuda said that Japan would not ban oil supplies from Russia due to limited resources. Russian oil and liquefied natural gas are on the list of Japan’s hard-to-replace resources.

Japanese Mitsui and Mitsubishi owned in Sakhalin Energy, which was previously the operator of Sakhalin-2, 12.5% ​​and 10%, respectively. On June 30, President Vladimir Putin ordered instead of Sakhalin Energy to establish a new operator of Sakhalin-2 in the form of a limited liability company. In accordance with the decree, shareholders of Sakhalin Energy had to accept shares in the company being created within a month. Mitsui and Mitsubishi decided to keep participating. Mitsui will own a stake in the new operator, Sakhalin Energy LLC, through a subsidiary of MIT SEL Investment, registered in Dubai, and Mitsubishi through a subsidiary of DGS Japan Co., Ltd.