Japan to keep stake in Russian energy project

TOKYO — A Japanese consortium has decided to retain its stake in the new Russian operator of the Sakhalin-1 oil and gas project and is set to notify Moscow, moving to secure stable energy supplies for resource-scarce Japan.

“It’s an extremely important project,” Economy and Industry Minister Yasutoshi Nishimura said Friday in welcoming the unanimous decision by the shareholders in Sakhalin Oil and Gas Development Co., or SODECO, a consortium of Japanese companies holding a 30 percent stake in Sakhalin-1 in Russia’s Far East.

Nishimura said SODECO was expected to notify the Russian operator of its decision by Nov. 11, meeting a deadline set by Russia. The government will do its utmost to ensure Japan’s energy security by working closely with the private sector, he said.