Business | Nov 01

Japan seeks to stay in Russia's Sakhalin-1 energy project after Exxon exit

TOKYO, Nov 01 (Nikkei) - The Japanese government has decided to remain involved in the formerly Exxon-led Sakhalin-1 oil and gas project in Russia, Nikkei has learned, as it seeks a stable supply of energy despite international sanctions on Moscow over its invasion of Ukraine.

ExxonMobil, which held a 30% stake in Sakhalin-1, announced in March that it would withdraw from the project.

Russia has set up a new company to take over the project under a presidential decree that has in effect forced investors to choose sides.

Japan's Ministry of Economy, Trade and Industry is a stakeholder in Tokyo-based Sakhalin Oil and Gas Development -- which owns 30% of Sakhalin-1's current operator -- along with other investors including Itochu, Japan Petroleum Exploration and Marubeni.

The Japanese consortium will make a final decision on whether to stay invested in the project after discussions with other stakeholders. ...continue reading


MORE Business NEWS

Uniqlo, a leading clothing retailer, has announced the start of used clothing sales at its Tenjin store in Fukuoka City, a first for the brand in Kyushu.

With Japan's Nikkei hovering close to the 40,000 mark, market experts point out that the increasing trend of "stock splits" in recent years is supporting these higher stock prices.

As Japan begins overtime regulations for drivers, popular bus tours are now being forced to reconsider their routes.

POPULAR NEWS

Four men have been arrested by Tokyo police for allegedly recruiting women for prostitution in the United States via a website, promising encounters with affluent clients and high earnings.

For the first time in 73 years, Japan has unveiled a newly constructed whaling mother ship, equipped with drone technology for whaling operations in the Antarctic Sea.

The Liberal Democratic Party (LDP) in Nara Prefecture has disciplined its former Youth Division Chief following a controversial dance party incident.

Residents of Japan's oldest student dormitory, self-managed for over 100 years, are digging in as Kyoto University attempts to evict them from the premises.

A Japan Airlines flight en route from Melbourne to Narita Airport encountered sudden severe turbulence on April 1, causing injuries to several cabin crew, including a broken leg.

FOLLOW US