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ECONOMY > Energy

JAPEX considers interests in Sakhalin-1 important

  • August 10, 2022
  • , Sankei , p. 5
  • JMH Translation

At an earnings report press conference on Aug. 9, Yamashita Michiro, senior managing executive officer at Japan Petroleum Exploration Co. (JAPEX), noted that the firm considers its holdings of interests in the Sakhalin-1 project through Sakhalin Oil and Gas Development Co. (SODECO) as “important to Japan and that we share the same understanding as the government.” His remarks indicate that although major trading firms are reviewing the asset value of their interests in the Sakhalin energy project, JAPEX will not review the asset value of its interests.

 

On Aug. 5, Russian President Putin signed an executive order to ban the trading of shares in the Sakhalin-1 project by businesses of Japan, the United States and Europe, which are imposing economic sanctions on Russia and Moscow labels “non-friendly nations,” by the year end. On this, Yamashita noted that “SODECO (in which JAPEX has a stake) will appropriately coordinate with the government and partners.” (Abridged)

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