Tokyo, October 9 (BNA) Japanese Trade Minister Yasutoshi Nishimura said on Sunday that the Sakhalin 1 oil and gas project in Russia is very important for Tokyo to ensure diversification of its crude oil purchases.
According to Reuters, the suspension came after Russian President Vladimir Putin, on Friday, signed a decree establishing a new operator for the project in Russia’s Far East.
Exxon Mobil Corp. (XOM.N) holds a 30% operator stake in Sakhalin-1, with Russia’s Rosneft (ROSN.MM), India’s ONGC Videsh (ONVI.NS) and Japan’s SODECO as partners.
When asked if Japan intends to keep its stake, Nishimura said, “From the point of view of diversifying Japan’s imports of crude oil, this is a very important project.”
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