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Russia’s Rosneft CEO holds talks with Japan’s PM about joint projects

May 07, 21:33 UTC+3 MOSCOW
At the talks the sides prioritized oil deliveries to Japan which would allow to increase economic efficiency of partnership and would help ensure the country’s energy security
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© Artem Korotaev / TASS

MOSCOW, May 7. /TASS/. Russian Rosneft chief executive Igor Sechin and Japanese Prime Minister Shinzo Abe held talks in the Black Sea resort of Sochi on May 6, discussing joint projects on extraction and processing of hydrocarbons, the Russian top oil company said in a press release on Saturday.

Sechin and Abe "noted prospects for cooperation in application of the most advanced technology in the output and processing of crude oil, participation of Japanese companies in Rosneft production projects and joint work in setting up and promoting the Zvezda shipyards," the statement said.

At the talks the sides prioritized oil deliveries to Japan which would allow to increase economic efficiency of partnership and would help ensure the country’s energy security.

The press release says that since 2004 Rosneft has accumulated a vast experience of cooperation with Japanese banks (Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank). From 2011 to 2016 the Japanese banks have provided the Russian oil producer with $3.1bln within the framework of current syndicated loans.

Earlier, TASS reported citing Yuri Ushakov, an aide to the Russian president, that Rosneft and Gazprom were in talks with Japanese companies about joint projects for extraction and processing of hydrocarbons.

"Cooperation in the field of renewable and alternative energy sources is developing, there are good prospects in peaceful nuclear energy," Ushakov told a briefing held ahead of Abe’s visit to Russia.

Along with this, major Japanese banks, particularly The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho Bank, may participate in Arctic LNG 2 project funding.

"Novatek is building the Yamal LNG natural gas liquefaction plant with participation of JGC and Tieda. Arctic LNG 2 project will be the next one and major Japanese banks - The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho Bank - are considering an opportunity of participation in its construction financing," Ushakov said.

In general, according to Ushakov, fuel and energy complex is a strategic area of ··cooperation between the two countries.

In 2015, 6.5mln tons of liquefied natural gas was exported from Russia to Japan, 14.5mln tons of crude oil, 1.7mln tons of oil derivatives and 16.2mln tons of coal. In addition, Sakhalin-1 and Sakhalin-2 projects are being implemented with Japanese companies’ shares in them constituting 30% and 22.5% respectively.

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