Japan explains why it won’t quit Russian energy

Japan explains why it won’t quit Russian energy

Japan’s industry minister warned on Friday that quitting the Sakhalin energy projects in Russia’s Far East would undermine Western sanctions and benefit Moscow.

“We are concerned that if Japan withdraws from the project and the concessions are acquired by Russia or a third country, it could further boost resource prices and benefit Russia, which will not result in effective sanctions,” Economy, Industry and Trade Minister Koichi Hagiuda told a news conference.

The Sakhalin-1 oil and gas project and Sakhalin-2, one of the biggest integrated oil and liquefied natural gas (LNG) projects in the world, located off the coast of Sakhalin Island in Russia’s Far East, comprise both offshore and onshore facilities. Sakhalin-2 is operated by a joint venture between Russia’s Gazprom (50%), UK-based Shell (27.5%), and Japan’s Mitsui (12.5%) and Mitsubishi (10%).

Hagiuda’s comments follow a report on Thursday in the British media that Shell is in talks with Chinese state-run oil companies to sell its stake in the Sakhalin-2 project amid Western sanctions against Moscow.

Several multinational energy companies including ExxonMobile, BP and Total have quit projects in Russia since February. While Japan has joined Western sanctions against Moscow, Tokyo said last week that it intends to continue to hold its concessions in Sakhalin.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

Despite accelerated efforts by Western states to wean their economies off Russian oil and gas, it may take years to replace them, the head of the World Bank has warned.“Under current policies global
подробнее...

Electricity prices in Germany are expected to jump to record highs next year, the Neue Osnabrucker Zeitung newspaper reported on Friday, citing the country’s local public utilities association
подробнее...

The Russian budget will be in deficit from 2023 to 2025, Prime Minister Mikhail Mishustin said at a government meeting on Thursday.“During the entire period, the budget will be in deficit, the main
подробнее...

Japanese automaker Toyota has decided to shut down its plant in St. Petersburg, Russia's Ministry of Industry and Trade said in a statement on Friday.The company vowed to fulfill all of its social
подробнее...

The German government will take control of Securing Energy for Europe (SEFE), formerly Gazprom Germania, a subsidiary of Russian energy giant Gazprom, Der Spiegel reported on Thursday, citing its
подробнее...

The Central Bank of Russia (CBR) is considering creating a compensation fund for local investors whose assets have been frozen by Western nations, Governor Elvira Nabiullina said on Thursday during
подробнее...

Nicaragua is ready to explore the use of the Mir payment system, developed by Moscow in response to Western sanctions, and allow the use of Russian credit and debit cards in the country, its minister
подробнее...

The share of Russian gas in the European Union market has plummeted from 50% to 9% since the beginning of the current year, French President Emmanuel Macron said on Monday. Russian gas imports by EU
подробнее...

The Bank of Russia (CBR) is against the legalization of crypto-exchanges, exchangers and settlements in cryptocurrency within the country, RIA Novosti reported on Monday, citing the regulator’s press
подробнее...

Russian Deputy Prime Minister Alexander Novak has blamed the European Union for the problems that have prevented the resumption of gas supplies via the Nord Stream 1 pipeline. He told the EU “not to
подробнее...

Sri Lankan Transport Minister Bandula Gunawardane on Saturday apologized on the behalf of his country for detaining a Russian plane earlier this year that caused Moscow to suspend flights to the
подробнее...

One of Russia’s top banks, VTB has become the first lender in the country to launch money transfers to China in yuan, sidestepping the Western-controlled global financial messaging system SWIFT.“The
подробнее...

The proposal by the EU to place a price cap on Russian natural gas imports is a foolish, non-market-oriented plan that has no future, Russian President Vladimir Putin said on Wednesday.“Faced with
подробнее...

Pressure in the Nord Stream 2 undersea gas pipeline, which was intended to pump gas from Russia to Germany, dropped from 300 to 7 bars overnight, a spokesperson for the pipeline's operator said on
подробнее...

Major European ports have signaled their readiness to facilitate the export of Russian fertilizers, UN Secretary-General Antonio Guterres said in an interview with RIA Novosti, published on
подробнее...

The Moldovan government has launched a special website which will help citizens find firewood to heat their homes, authorities announced this week.“The site provides information about the nearest
подробнее...

Over 15,000 German stores are facing bankruptcy due to soaring energy costs, Der Spiegel reported on Friday, citing the German Retail Association (HDE).According to the report, the HDE wrote a letter
подробнее...

The intense pressure placed on Russia by Western sanctions has forced the country to ramp up efforts to launch new factories and enterprises, according to Executive Director of the Russian-Chinese
подробнее...