Japanese companies hold minority stakes in Russian fuel projects in the Far East
Japanese companies will continue to participate in Russian energy projects on Sakhalin Island due to their importance for Tokyo’s energy security, the country’s foreign ministry announced on Tuesday.
Tokyo will continue its “close cooperation” with the Group of Seven industrialized nations (G7) to pursue a “policy of tough sanctions” on Russia, the ministry said in its annual Diplomatic Bluebook, which reviews Japan’s foreign affairs activities.
Japan is also set to further cut reliance on Moscow’s energy resources by phasing out oil and coal imports.
However, Tokyo will retain its interests in the Sakhalin-2 liquefied natural gas (LNG) project and the Sakhalin-1 offshore oil and gas venture in Russia’s Far East, according to the foreign ministry.
“In light of ensuring stable supplies in the medium and long term, Japan continues to view these projects as important in the field of energy security and intends to maintain its share,” it stated.
Sakhalin-1 is a consortium for offshore oil and gas production. Its sister project, Sakhalin-2, is one of the world’s largest LNG ventures, supplying around 4% of the global market.