Report: Russia Allows Japanese Consortium To Retain Stake In Sakhalin - 1 Project
Russia's government has reportedly approved a Japanese consortium to retain a 30-percent stake in the Sakhalin-1 oil and natural gas project in the Far East.
Media outlets, including state-run TASS news agency, on Monday said Moscow authorized the transfer of a 30-percent interest in the new Sakhalin-1 operator to Japan's Sakhalin Oil and Gas Development Company.
The move comes after US oil giant Exxon Mobil withdrew from the Sakhalin-1 project in the wake of Russia's invasion of Ukraine.
The consortium, whose owners include the Japanese government and trading houses, had owned 30 percent of the project. But in October, the Russian government placed management of the project under the new entity.
Earlier this month, the Japanese consortium decided to participate in a Sakhalin-1 project led by the new operator.
Two other Japanese trading houses have also retained their stakes in another oil and gas project in the region, Sakhalin-2. After British oil giant Shell announced its withdrawal from that project, Moscow similarly launched a new operator for the project.