Japan to keep stake in Russian energy project in Sakhalin

By MARI YAMAGUCHI
Associated Press

TOKYO (AP) — Japan’s industry minister says that a Japanese consortium has decided to retain its stake in the new Russian operator of the Sakhalin-1 oil and gas project. Economy and Industry Minister Yasutoshi Nishimura said the company would notify Moscow of its decision by a Nov. 11 deadline. Nishimura welcomed it as a step toward securing stable energy supplies for resource-scarce Japan. He said shareholders of Sakhalin Oil and Gas Development Co., or SODECO, a consortium of Japanese companies holding a 30% stake in Sakhalin-1, voted unanimously to keep the stake. The project earlier was led by Exxon Mobil. Many major Western energy companies have withdrawn from projects in Russia due to the war in Ukraine.