TOKYO, November 4. /TASS/. The Japanese government welcomed the unanimous decision of the shareholders of the Sodeco consortium, which owns a 30% stake in Sakhalin-1, to retain their participation in the project after Moscow's decision to transfer it to Russian jurisdiction, Japanese Minister of Economy, Trade, and Industry Yasutoshi Nishimura said on Friday, stressing that the project is extremely important for the country's energy security.
"This is a very important project. While welcoming this decision, we will continue to take all measures to ensure energy security, acting in close cooperation between the state and the private sector," he added.
Nishimura clarified that the necessary notification must be submitted within a month of the day a new operator is established, in compliance with the requirements of the Russian side.
Japan considers the Sakhalin-1 project, as well as the Sakhalin-2 project, which provides about 9% of all Japanese LNG imports, to be extremely important for its energy security due to the fact that up to 95% of Japan's oil now comes from the Middle East. Japan currently does not import oil from Sakhalin-1, but the project is still considered important in terms of its potential for diversifying supplies.
On October 7, Russian President Vladimir Putin signed the decree establishing the new operator for the Sakhalin-1. Within one month foreign participants in the project should submit notices to the Russian government 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.