The Japanese government has decided to continue participating in the Sakhalin-1 project in order to ensure energy security and meet its oil needs.
The Japanese newspaper Nikkei reported that 95% of Japan’s energy resources are imported from the Middle East and pointed out that the Japanese government has repeatedly indicated that it is seeking to diversify its energy sources, but it currently does not import oil from Sakhalin-1, which is under sovereignty of the Russian Federation.
The newspaper added that the Japanese association Sodeko owns a 30% stake in the Sakhalin-1 project, noting that the final decision on this matter will be made after consultations between the member companies of the association, namely Japex, ITOCHU, Marubeni. and Inpex.
The newspaper points out that Japan’s continued involvement in the Sakhalin-1 project runs counter to the G7’s decision to ban Russian oil imports, but the public association Sodeko has signaled it does not see time to abide by the ban and that it will decision on time that you see fit and thoughtfully.
The Japanese side has repeatedly emphasized that the Sakhalin-1 project is an important source of Japan’s energy security, as well as Sakhalin-2, in which the Japanese companies Mitsui and Mitsubishi retained their shares after a similar decision by Russia.
It is noteworthy that the Exxon Neftegaz operator, the American company ExxonMobil, owned a 30% stake in Sakhalin-1, but it withdrew in March due to special operations in Ukraine, while the Japanese operator Sodeco remained with 30%, and the Indian operator ONGC Videsh 20 %, additionally to the Russian operator Rosneft 20%.