Japan To Continue Working With Russian Oil & Gas Enterprises

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Japan has confirmed that it has no intention of withdrawing from its oil and natural gas projects in Russia’s Far East

Japan’s Economy Minister Hagiuda Koichi said: “Japan has stakes in both [oil and gas] projects and has secured long-term supplies. The projects provide our country with energy at below-market prices, and soaring energy costs are making the projects even more important

According to RT: Koichi also said that while Japan imports about 90% of its crude oil from the Middle East, Russia’s Sakhalin-1 project is viewed in Tokyo as an important energy source outside that region. He added that the Sakhalin-2 project, in turn, accounts for about 9% of his country’s imports of liquefied natural gas (LNG). Moreover, the minister stressed that Japan will also stick to agreements on another LNG development project in the Russian Arctic.

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Koichi’s statements run counter to Japan’s broader stance on cooperation with Russia. The Asian state recently joined a number of Western nations in placing sanctions on Moscow after the latter launched a military operation in Ukraine. The sanctions, however, do not target energy carriers.