Mitsubishi Corporation has announced that it has received approval to participate in a new company established by the Russian government for the Sakhalin 2 oil and natural gas development project in the Russian Far East.
Mitsui & Co. has already been approved, so Japan's interest in Sakhalin 2 is likely to be maintained.
Mitsui & Co. and Mitsubishi Corp. have been asked by the Russian government to inform them whether they agree to acquire shares in the new Russian company that will take over the Sakhalin 2 business, and each company will acquire shares and participate in the project. We have notified the Russian government of our intentions.
As a result, Mitsubishi Corporation announced that it had received approval from the Russian government to acquire shares.
Mitsubishi Corporation said, "While assuming various scenarios going forward, we will closely examine the conditions of the agreements to be concluded between shareholders and the risks associated with them through discussions with relevant parties. We have confirmed that the production and supply of LNG (liquefied natural gas) from 2 will proceed as planned."
Mitsui & Co. has already been approved on the 30th of last month.
There is still a sense of uncertainty as negotiations with the new company will proceed in the future, but Japan's interests in Sakhalin 2 will be maintained.