Cabinet Minister Matsuno described the decision to transfer the stake in Sakhalin-1 to Japan as “extremely important”
TOKYO, November 15 – RIA Novosti. Hirokazu Matsuno, secretary-general of the Japanese government, commented on Russia’s permission to transfer a 30% stake in the new Sakhalin-1 operator to Japan’s Sodeco, calling the decision “extremely important” for Japan’s energy security.
A day ago, the Russian government authorized the transfer of 30% of the new Sakhalin-1 operator to Japanese Sodeco and 20% to Indian ONGC. Thus, both companies will receive “proportionally owned” shares in the new operator. The Emir also noted that both companies have formally notified the Russian government of their agreement to take ownership of a stake in the new operator.
Matsuno said, “We are aware that the Russian government has approved Japanese Sodeco’s participation in the Sakhalin-1 project. We consider this decision extremely important in terms of ensuring the energy security of our country.”
In early October, Russian President Vladimir Putin ordered the government to create a new – Russian – operator of the Sakhalin 1 PSA project, which will receive the rights and obligations of Exxon Neftegaz limited. The new operator will be led by the Rosneft structure Sakhalinmorneftegaz-Shelf. According to the presidential decree, the foreign participants of the consortium will be able to retain their shares in the project if they declare that they want to stay. Previously, Japanese Sodeco and Indian ONGC announced that they wanted to continue to take part in the project, while American ExxonMobil withdrew from the project.
Exxon Neftegaz Limited (a subsidiary of ExxonMobil), the former operator of Sakhalin-1, owned a 30% stake. In March, the company announced its intention to withdraw from the project, and in April – the introduction of a force majeure regime that ultimately stopped gas and oil production there in the fall. Among the remaining participants in Sakhalin-1 are Rosneft (20%), Japanese Sodeco (30%) and Indian ONGC (20%).
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