Russia: Japanese trading co. Mitsui & Mitsubishi plan to retain interests in Sakhalin 2 energy project
"Mitsui, Mitsubishi to keep stakes in Russia Sakhalin 2 energy project" 25 August 2022
Japanese trading houses Mitsui & Co. and Mitsubishi Corp. plan to retain their interests in the Sakhalin 2 oil and gas project and will notify Russia by the end of the month, Mitsubishi and sources familiar with the matter said Thursday.
The companies' decision to invest in the new operator, set up by Moscow to take control of the natural resources project in the Russian Far East, was made in light of Japan's aim to secure a stable supply of liquefied natural gas amid market disruptions following Russia's invasion of Ukraine.
Mitsubishi said its board approved the plan on Thursday "from a comprehensive perspective after careful consideration," while Mitsui said it is cooperating with the Japanese government and its partners.
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Mitsui and Mitsubishi held 12.5 percent and 10 percent stakes in the previous operator, respectively.
"We will continue to monitor the situation closely and take all possible measures to ensure a stable supply of LNG," Chief Cabinet Secretary Hirokazu Matsuno said at a press conference Thursday.
The Sakhalin 2 project accounts for around 9 percent of resource-poor Japan's LNG imports and is viewed as important by Tokyo.
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