The Russian government has announced that Mitsui & Co. has approved a 12.5% stake in a newly established Russian company for the Sakhalin 2 oil and natural gas development project in the Russian Far East.
The acquisition of shares in Mitsubishi Corporation may also be approved soon.
Regarding "Sakhalin 2", the Russian government established a new Russian company on August 5 to take over the business from the former operating company "Sakhalin Energy". In order to maintain the company, we decided to acquire the shares of the new company.
Regarding this, the Russian government announced a government decree on the 30th, revealing that Mitsui & Co. has approved a 12.5% investment in the newly established Russian company.
The ordinance is dated August 26, and it will be the same ratio as Mitsui's investment in "Sakhalin Energy".
Under a presidential decree, the Russian government required Mitsui and Mitsubishi to notify within one month of the establishment of the new company whether they agreed to acquire the shares of the new company.
The focus was on the Russian side's decision, as the Russian government had decided to accept it within three days of receiving the notice.
With the Russian government's approval of Mitsui & Co.'s investment, there is a possibility that the acquisition of shares by Mitsubishi Corporation, which had a 10% stake in Sakhalin Energy, will also be approved soon.