Japanese shareholders will maintain their stake in Russia’s Sakhalin-1

Japanese shareholders will retain their stake in the “Sakhalin 1” oil and gas projects in eastern Russia.

The Japanese shareholders of the “Sakhalin-1” oil and gas project on Sakhalin Island, Russia, have made a decision on their shares in the project.

For the project, the “Sakhalin Oil and Gas Development Company” (SODECO), which was established by Japanese companies in Tokyo, gathered its shareholders.

According to state television NHK, Japanese shareholders have decided to maintain their stake in the “Sakhalin 1” oil and gas projects.

CONTINUE WITH THE PROJECT EVEN IF IT DOESN’T MATTER

After the decision, the Minister of Economy, Trade and Industry, Nişimura Yasutoshi, said: “Sakhalin-1 is an extremely important project as an alternative resource outside the Middle East.”

Minister Nişimura, who met with SODECO representatives during the week, inquired about the decision.

It is highlighted that the call of the Japanese government, which seeks stability in the energy supply, to the shareholders, was effective in making said decision.

After the Ukraine-Russia crisis, Japan stopped Russia’s oil exports under economic sanctions in direct proportion to the G-7.

NHK reported that the Japanese government has not currently imported oil from the “Sakhalin-1” project.

NEW COMPANY APPLICATION

Russian President Vladimir Putin signed the decree on the establishment of a new operating company on the Sakhalin-1 project at the beginning of last month.

After the decree, the Russian administration, through the new operating company, asked the foreign shareholders of the project about their position to keep their existing shares.

The new company, which retains its powers with its previous status as operator, asked the shareholders of the project, to whom it offered the terms of the contract, to present themselves within a month. (AA)