Business | Nov 16

Japan retains stake in Russia's Sakhalin 1 oil project

TOKYO, Nov 16 (Japan Today) - Japan has retained its stake in the Sakhalin 1 oil and gas project in eastern Russia, with a Japanese company receiving a 30 percent stake in a new Russian operator, Tass news agency reported Monday.

The report, which cited the Russian government, comes as resource-poor Japan has sought to keep its stake in the project to retain a vital source of energy while joining Western countries in imposing sanctions on Russia over its invasion of Ukraine.

Russia has already authorized investments by Japanese trading houses Mitsui & Co and Mitsubishi Corp in Sakhalin 2, a similar energy project on the island of Sakhalin, north of Japan.

Japan's government and companies, including major trading houses Itochu Corp and Marubeni Corp, have invested in Sakhalin 1 through Sakhalin Oil and Gas Development Co. The Tokyo-based company held a 30 percent stake in the project. ...continue reading

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