2022-08-08 12:30:00
JAPAN NEED RUSSIAN OIL GAS
REUTERS - Aug 8 - Japan intends to keep a stake in the Sakhalin-1 oil and gas project in Russia, industry minister Koichi Hagiuda said on Monday, after Russia temporarily banned Western investors from selling shares in key energy projects.
The project contributed to diversifying Japan's energy supply, Hagiuda told a news conference.
"Sakhalin-1 is a valuable non-Middle East source for Japan, which depends on the Middle East for 90% of its crude oil imports," said Haguida, the minister for economy, trade and industry.
"There is no change in maintaining the interests of Japanese companies in it," he said.
Russia has banned investors from so-called unfriendly countries from selling shares in banks and key energy projects, including Sakhalin-1, until the end of the year, stepping up pressure in a sanctions stand-off with the West.
Sakhalin Oil and Gas Development, a Japanese consortium, owns 30% of Sakhalin-1.
Separately, an Aug. 2 Russian government decree gave foreign investors at the Sakhalin-2 liquefied natural gas (LNG) project a month to claim their stakes in a new entity that will replace the existing one. The foreign investors include Royal Dutch Shell (SHEL.L) and Japanese trading houses Mitsui & Co (8031.T) and Mitsubishi Corp .
Hagiuda reiterated that Japan intended to have the Japanese trading houses maintaining stakes in Sakhalin-2.
"We'll need to consider specific measures after confirming details of Russia's decision," he said.
"The public and private sectors will work together to ensure a stable supply of LNG to Japan," Hagiuda said. They shared a basic policy on maintaining the stakes, and he hoped the trading houses would start the procedure for converting to the new entity if they could meet Russia's conditions.
Mitsui & Co has a 12.5% stake in Sakhalin-2. Mitsubishi Corp holds 10%.
-----
Earlier:
2022, August, 4, 10:45:00
RUSSIAN OIL WITHOUT LIMITS
While the U.S. and European Union have already moved to ban imports of Russian oil into their ports, officials are now scrambling to curb Russia’s revenue from its oil sales globally and also avoid soaring energy prices during a time of high inflation.
2022, August, 2, 12:25:00
RUSSIAN OIL EXPORTS UP
The boom in STS activity involving Russian crude came as Moscow's seaborne oil exports defied Western sanctions to hit post-pandemic highs of 4 million b/d in April 2022.
2022, June, 24, 11:30:00
RUSSIAN OIL PROTECTION
Certification by the Indian Register of Shipping (IRClass), one of the world's top classification companies, provides a final link in the paperwork chain - after insurance coverage - needed to keep state-owned Sovcomflot's tanker fleet afloat and delivering Russian crude oil to overseas markets.
2022, June, 16, 12:45:00
RUSSIAN OIL EXPORTS MAXIMUM
Compared to pre-war levels in January and February, Russia's shipped crude exports from June 1-15 rose by 576,000 b/d to average about 3.88 million b/d,
2022, June, 3, 13:00:00
RUSSIAN OIL FOR ASIA UP
Asia is expected to account for about 40% of global incremental crude runs in 2022, with the US and Europe accounting for about 30% and 18%, respectively.
2022, May, 17, 13:40:00
JAPAN WITHOUT RUSSIAN COAL
Japanese manufacturers that use thermal coal for their own power generation have more than a month's worth of stocks, but a few manufacturers have a high dependency on Russian supply, according to the documents.
2022, May, 12, 14:00:00
JAPAN, EUROPE LNG COOPERATION
"We will cooperate to reduce Europe's dependency on energy supplies from Russia and to ensure diversification of energy supply sources, and acknowledge the need for investments to achieve this."
