The Russian government announced on the 5th that it has established a new Russian company to take over the project "Sakhalin 2", an oil and natural gas development project in the Russian Far East in which a major Japanese trading company also invests.
The Japanese side will be required to notify whether they agree to the share transfer within one month, and will be forced to respond.
The Russian government announced on the 5th that it has established a new Russian company to take over the business of the oil and natural gas development project "Sakhalin 2" from the previous operating company.
The new company will be called "Sakhalinskaya Energia", the name of which is the Russian version of "Sakhalin Energy", which had been the business entity until now.
The head office will be located in Yuzhno-Sakhalinsk, the capital of Sakhalin, where the office has been located so far, and Mr. Andrei Oleynikov, who was an executive of "Sakhalin Energy", will be appointed as the president.
Regarding "Sakhalin 2", on June 30, President Putin signed a presidential decree ordering that the operating entity be changed to a newly established Russian company and that assets be transferred to the new company free of charge.
The presidential decree states that shareholders, other than the Russian government-owned gas company Gazprom, must notify Russia within one month of the new company's establishment whether they agree to the share transfer.
From Japan, Mitsui & Co. has a 12.5% stake in Sakhalin Energy and Mitsubishi Corporation has a 10% stake, and the Japanese side will be forced to respond.
The response of the Japanese government and trading companies
Regarding Japan's future response, Minister of Economy, Trade and Industry Hagiuda said at a press conference after the cabinet meeting on the 5th that Mitsui & Co., Ltd., the major trading companies that will invest in "Sakhalin 2," and Mitsubishi Corporation will positively consider participating in the new company. I made it clear that I requested
The government regards "Sakhalin 2" as an important project from the perspective of the stable supply of electricity and gas to Japan. It is a policy that the public and private sectors will work together.
The government and the major trading companies will make a final decision on the participation of the major trading companies in the new company after ascertaining what conditions will be presented by the Russian side in the future.