Japan decided to keep shares in Sakhalin-1 after Putin’s decree
Japan will not withdraw from the Sakhalin-1 project because of its value to the country, Minister Koichi Hagiuda assured. Earlier, the operator ExxonMobil left the project, by July, oil production at the project decreased by 22 times type=”image/webp” media=”(max-width: 320px) and (min-resolution: 192dpi)” >< source srcset="https://s0.rbk.ru/v6_top_pics/resized/1200xH/media/img/5/04/756599358985045.jpg 1200w" media="(min-resolution: 192dpi)" >
Japan's policy towards the Sakhalin-1 oil and gas project remain unchanged, Tokyo will retain a stake in it, Economics, Trade and Industry Minister Koichi Hagiuda said, according to the Nikkei.
“For Japan, which depends on the Middle East for about 90% of its crude oil imports, it is a valuable source purchases outside the Middle East»,— he said.
So he commented on the decree of Russian President Vladimir Putin, which he signed in early August. According to the document, until the end of this year, transactions with shares in strategic Russian companies for holders from “unfriendly states” are prohibited. (it includes Ukraine, Japan, the countries of the European Union, Micronesia, and others).
This decision, the decree said, was made in connection with the protection of national interests and because of the actions of the United States that are contrary to international law and joined the countries that have imposed sanctions against Russians.
In the Sakhalin-1 project the American ExxonMobil (30%, which until recently was the operator of the project), the Japanese SODECO (30%), the Indian ONGC (20%) and Rosneft are participating. (20%).
In early March, ExxonMobil announced its intention to leave Sakhalin-1. In a report for the first quarter of this year, the company estimated losses from exiting the project at $3.4 billion, and also noted a decrease in its proved reserves by 150 million barrels. oil equivalent (about 1% of all ExxonMobil reserves).
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By the beginning of July, oil production at Sakhalin-1 decreased by 22 times— from 220,000 to 10,000 barrels per day, estimated the presidential envoy to the Far East, Deputy Prime Minister Yury Trutnev. According to him, the reason was the sanctions against Russia. Sakhalin Oblast will lose 38 billion rubles next year, which is 26% of revenue for 2022, he added. Sakhalin-2". At the same time, Prime Minister Fumio Kishida noted that Tokyo would gradually reduce fuel imports from Russia. “We will take steps to phase out imports in a manner that minimizes adverse impacts on people's lives and businesses,” he said. According to the prime minister, the US authorities understood Japan's position on maintaining the status quo in this matter.
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