Japan says approves keeping Sakhalin-1 stakes

TOKYO, Nov 1 (PRIME) -- The Japanese government plans to support keeping stakes in Russia's Sakhalin-1 project and turned to Sodeco that owns a stake in the project with the request, Economy, Trade and Industry Minister Yasutoshi Nishimura said on Tuesday.

"Middle East accounts for 95% of Japanese oil imports, this is why the Sakhalin-1 project is an important project to ensure Japan's energy security and diversification of imports," the official said.

He added that after studying a Russian presidential decree on Sakhalin-1, the minister asked the executives of energy company Sodeco to confirm willingness to stay on the project.

On October 7, Russian President Vladimir Putin issued a decree ordering the government to set up a new Russian operator of the Sakhalin-1 project, which will take over the rights and responsibilities of Exxon Neftegaz Limited.

CEO of another Sakhalin-1 participant, Itochu, Masahiro Okafuji said that Japan will not survive without Russian energy and severing trade relations is impossible.

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