Japanese Trade Minister Yasutoshi Nishimura said on Sunday (Oct 9) that the Sakhalin 1 oil and gas project in Russia is very important for Tokyo to ensure its diversified crude oil procurement.

The comment came after Russian President Vladimir Putin signed a decree on Friday that establishes a new operator for the project in Russia’s Far East.

Exxon Mobil Corp holds a 30 per cent operator stake in Sakhalin-1, with Russian company Rosneft, India’s ONGC Videsh and Japan’s SODECO as partners.

Asked if Japan intends to keep its stake, Nishimura said: “From the standpoint of diversifying Japan’s crude oil import, that’s a very important project.”
Source: Reuters