Japan intends to retain a stake in the Sakhalin-1 oil and gas project, Industry Minister Koichi Hagiuda said after Russia temporarily banned Western investors from selling shares in key energy projects, Reuters reports.
The project contributed to the diversification of Japan's energy supply, Hagiuda said at a press conference. Sakhalin-1 is a valuable non-Middle Eastern source for Japan, which depends on the Middle East for 90% of its crude oil imports, Hagiuda said.
There are no changes in preserving the interests of Japanese companies in it, he said.
The Japanese consortium Sakhalin Oil and Gas Development owns 30% of Sakhalin-1.
In addition, a Russian government decree dated August 2 gave foreign investors in the Sakhalin II liquefied natural gas (LNG) project one month to declare their stakes in the new venture to replace the existing one. Foreign investors include Royal Dutch Shell and Japanese trading houses Mitsui & Co and Mitsubishi Corp.
Mitsui & Co owns a 12.5% stake in Sakhalin-2. Mitsubishi Corp owns 10%.