Japan Consortium To Apply For Stake In New Operator of Russia's Sakhalin-1 Project
11.04.2022 By Ella Keskin - NEWS

November 04, 2022 [Reuters] – ” Sakhalin Oil and Gas Development Co (SODECO), a Japanese consortium, has decided to participate in the new Russian operator of the Sakhalin-1 oil and gas project in the Far East,” an official at the Japanese industry ministry said.

 

Industry Minister Yasutoshi Nishimura later told reporters the government “welcomed” SODECO’s decision, which was made by a unanimous vote.

SODECO, which held a 30% stake in the formerly Exxon Mobil Corp-led (XOM.N) project, plans to submit an application to retain the stake in the new Russian operating company by Nov. 11, the official told Reuters.

The decision was made at SODECO’s extraordinary shareholder meeting on Friday.

“We welcomed such a decision since (Sakhalin-1) continues to be a very important project,” said Nishimura.

“We will communicate closely with private-sector businesses and do utmost to ensure energy security,” he said, adding Moscow will make the final judgment on SODECO’s participation after the application is submitted.

The move was expected as the Japanese government, which owns 50% of SODECO, had decided to stay invested in the new operator and had asked the consortium members to stay to help ensure the country’s energy security, Nishimura said earlier this week.

Reporting by Yuka Obayashi and Kantaro Komiya

 


Pro Trial: Access 11,340 Tank Terminal and Production Facilities

11,340 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

EIG’S Mid Ocean Energy Completes Acquistion of Tokyo Gas Intrests in Portfolio of Australian Integrated LNG Projects
03.29.2024 - NEWS
March 29, 2024 [Storage Terminal]- MidOcean Energy, under the stewardship of EIG, has completed t... Read More
Vitol Completes First Delivery of B30 Biofuel Blend in Singapore
03.29.2024 - NEWS
March 29, 2024 [Tank Storage]- Vitol Bunkers has completed the first delivery of B30 biofuel blen... Read More
BWC Terminals CEO Mike Suder Announces Retirement, President and COO Adam Smith Appointed Successor
03.29.2024 - NEWS
March 29, 2024 [BWC Terminal]-BWC Terminals, a provider of bulk liquid storage and logistics serv... Read More
SABIC Fujian Petrochemicals Co., Ltd. Proceeds with Large-Scale Ethylene Project Integrating Multiple Lummus Technologies and Services
03.29.2024 - NEWS
March 29, 2024 [Lummus Technology]- Lummus Technology, a global provider of process technologies ... Read More