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ECONOMY > Energy

Mitsui, Mitsubishi cut value of stakes in Sakhalin-2 energy project 

  • August 3, 2022
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All national dailies wrote that Mitsui & Co. and Mitsubishi Corp. said on Tuesday that they have cut the value of their stakes in the Sakhalin-2 oil and natural gas project in the Russian Far East by a combined 217.7 billion yen ($1.7 billion) — Mitsui by 136.6 billion yen and Mitsubishi by 81.1 billion yen. They cited growing business uncertainty about the project following President Putin’s signing of a decree in late June to seize control of the project and establish a new operating company. 

 

“It’s possible that the value will fluctuate further depending on the situation,” Mitsubishi Chief Financial Officer Nouchi said at a press conference. Mitsui’s Chief Financial Officer Shigeta said separately: “We will deal with the situation appropriately following consultations with the Japanese government and project partners.”  

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