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4 Nov 2022

Kyodo News

Japan: Stakeholders in Russia's Sakhalin 1 oil project incl. major trading houses Itochu Corp. and Marubeni Corp. decide to retain stake

"Japan to retain stake in Russia's Sakhalin 1 oil project" 4 November 2022

Japanese stakeholders in the Sakhalin 1 oil and gas project in eastern Russia will retain their stake in the undertaking by joining a new Russian operator recently established under a decree, the industry minister said Friday, as the project remains a vital source of energy for resource-poor Japan.

Japan's government and companies, including major trading houses Itochu Corp. and Marubeni Corp., have invested in the project through Tokyo-based Sakhalin Oil and Gas Development Co. If the Russian side approves the company plan decided at Friday's shareholders meeting, Japan will be able to keep its stake in the project.


"While Japan is reliant on the Middle East for over 90 percent of its crude oil imports, Sakhalin 1 is an extremely important project as an alternative source outside the Middle East," Economy, Trade and Industry Minister Yasutoshi Nishimura told reporters.

Sakhalin Oil and Gas Development held a 30 percent stake in the project, which started producing crude oil on the island of Sakhalin, north of Japan, in 2005. [...]

Tsuyoshi Hachimura, an executive vice president of Itochu, said at a press conference on its earnings report that it will join the new operating firm of Sakhalin 1 from the perspective of energy security in keeping with the government's policy.