TOKYO, October 9. /TASS/. The Russian Sakhalin-1 project is highly important for Japan from the standpoint of providing energy security and diversifying supplies, Japan’s Minister of Economy, Trade and Industry Yasutoshi Nishimura said on Sunday on the air with the NHK TV Channel.
"Japan depends on the Middle East by 90% for oil import and already by 95% at present, and in such conditions the Sakhalin-1 is critical from the standpoint of diversification. It is a very important project in terms of Japan’s energy security and stable supplies [of energy resources]," the Minister said. At the same time, Japan is not importing oil from the Sakhalin-1 project at present, he added.
Tokyo will respond to decisions of the Russian side on the Sakhalin-1 on the basis of the relevant decree and consultations with stakeholders, Nishimura noted.
On October 7, Russian President Vladimir Putin signed the decree establishing the new operator for the Sakhalin-1. Foreign participants in the project should within one month submit notices to the Russian Cabinet about the consent to take ownership of participation interests in the authorized capital of the new operator in proportion to shares held by them in the Sakhalin-1 production sharing agreement.
Japan’s Sodeco holds 30% in the Sakhalin-1. Exxon Neftegas has 30% also. Rosneft and ONGC Videsh hold 20% each.