The Japanese corporation Mitsui notified the Russian Federation of its agreement to retain a stake in the Sakhalin-2 project. Russian Prime Minister Mikhail Mishustin signed order on the transfer of a 12.5% stake in a Dubai-registered subsidiary of Mitsui.
Thus, the share will be transferred to MIT SEL Investment. The new operator of Sakhalin-2 was instructed to prepare all the documents necessary for the transfer.
It is noted that the Japanese company receives its share in proportion to what it had in the previous operator.
The fact that Mitsui, as well as Mitsubishi Corporation, decided to keep their shares in the project, was announced by Secretary General of the Cabinet of Ministers of Japan Hirokazu Matsuno on August 25. He noted that after the companies submit a corresponding request, the decision will be made by the Russian side. Matsuno also said that Japan will continue to monitor the situation and take measures to ensure the uninterrupted supply of liquefied natural gas.
Japanese Mitsui and Mitsubishi have shares in the Sakhalin-2 project of 12.5% and 10%, respectively. Russia accounts for 8.8% of all Japanese imports of liquefied natural gas, which almost entirely comes from Sakhalin-2.
Prior to this, on August 20, two Japanese companies signed contracts for the purchase of liquefied natural gas with the new operator Sakhalin-2. We are talking about Tokyo Gas and JERA, a joint venture between Tokyo Electric Power and Chubu Electric Power.
On August 17, it became known that a number of Japanese companies received an official notification from Russia about the transfer of the Sakhalin-2 project to a new operator. At the end of June, Russian President Vladimir Putin ordered Sakhalin Energy to change the operator of the Sakhalin-2 oil and gas project and transfer the company’s property to the state.
Sakhalin-2 is a project that includes the construction and operation of world-class technological facilities for the production and export of crude oil and natural gas, as well as a plant for the production of liquefied natural gas (LNG). It is the largest private investment project in Russia. Most of the LNG produced under the project is shipped to Japan.
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