Japan Still Interested in Participating in Russian-led Sakhalin-2 Gas Project – Minister

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TOKYO (Sputnik) – Japan is still interested in participating in the multi-party oil and gas project Sakhalin-2, where Russia’s Gazprom is the majority shareholder, Japanese Minister of Economy, Trade and Industry Koichi Hagiuda said on Thursday.

“Concerning the Sakhalin-2 project, our position on retaining interests [in the project] has not changed,” Hagiuda told reporters.

Russian President Vladimir Putin signed a decree in early July that allows Russia to create a new project operator that will take charge of Sakhalin-2 from Sakhalin Energy Investment Co. Russia’s Gazprom will keep a majority stake of 50% plus one share. Shell has already promised to sell its 27.5% stake, while Japanese companies Mitsui and Mitsubishi reportedly plan to hold on to their 12.5% ​​and 10% stakes.

The Sakhalin-2 project is exploring two reserves in Russia’s Far East in the northeast of the Sakhalin shelf in the Okhotsk Sea. The Piltun-Astokhskoye reserve is believed to store mainly oil and the Lunskoye reserve mainly gas. The infrastructure includes three offshore platforms, an integrated onshore processing facility, an oil shipping terminal and an LNG plant with a capacity of 9.6 million tonnes per year.

Sakhalin-2 accounts for about 9% of Japan’s LNG imports.

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