The Minister of Economy of Japan announced his desire to maintain participation in Sakhalin-1
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Japan is going to keep the shares of Japanese companies in the Sakhalin-1 project. This was stated by the Minister of Economy, Trade and Industry Ukoichi Hagiuda at a press conference.
He commented on the decree of Russian President Vladimir Putin on the prohibition of transactions with shares of foreigners from unfriendly countries, which also applies to Sakhalin-1. According to the minister, Japan understands that by the end of the year “transactions with shares and other assets of Sakhalin-1 will become impossible.” He added that Tokyo is now “finding out the details.”
“There are no changes in our position on maintaining the shares of our companies. In any case, the state and business will work together to ensure stable energy supplies. <...> Sakhalin-1 companies should not sell their shares to third countries or third companies, as for us, we continue to follow the same course and there are no changes in the situation,” said Khagiuda (quote according to RIA Novosti).
The minister noted that Sakhalin-1 plays a big role for the country, as it is “an important source of supplies outside the Middle East.” Japan is 90% dependent on energy from this region.
Earlier, Hagiuda said that Japan plans to keep participating in Sakhalin-2 as well. On June 30, Putin signed a decree “On the application of special economic measures in the fuel and energy sector in connection with the unfriendly actions of certain foreign states and international organizations”, according to which all the rights and obligations of the project operator “Sakhalin-2» Sakhalin Energy will be transferred to a specially created LLC. The new operator of the oil and gas project was named Sakhalin Energy LLC.
Sakhalin-1 is one of the largest Russian offshore production projects, which is being developed under production sharing agreements. Rosneft owns 20% in the project, ExxonMobil 30%, Japanese Sodeco 30%, and Indian ONGC Videsh 20%. The project operator is Exxon Neftegaz Limited. Sakhalin-1 produces more than 11 million tons of oil per year.
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