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8/8, 5:49 AM (Source: TeleTrader)
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Japan to keep its Sakhalin-1 stake - minister

Japanese Economy, Trade and Industry Minister Koichi Hagiuda underlined on Monday, during a news conference, that the country still plans to keep its stake in the Sakhalin-1 oil project in Russia, as it is of high importance to the country due to crude supplies. The comment comes after Moscow forbid Western buyers to sell their shares.

In addition, Hagiuda also mentioned that the Japanese officials are hoping the country's trading houses Mitsui & Co and Mitsubishi Corp, which have stakes in the Sakhalin-2 liquefied natural gas (LNG) project, will soon commence the investment process in the new entity, which has been formed to replace the project.

Earlier, Japanese authorities mentioned that "Sakhalin-2 is an important project for Japan" and that the country will do everything in its power to "protect a stable supply of LNG."

Baha Breaking News (BBN) / AY