Sakhalin 1 important for oil purchases in Japan, says trade minister

TOKYO, Oct 9 (Reuters) – Japan’s Trade Minister Yasutoshi Nishimura said on Sunday that the Sakhalin 1 oil and gas project in Russia is very important for Tokyo to secure its diversified crude procurement.

The comment came after Russian President Vladimir Putin on Friday signed a decree establishing a new operator for the project in Russia̵[ads1]7;s Far East.

Exxon Mobil Corp ( XOM.N ) has a 30% operating stake in Sakhalin-1, with Russian company Rosneft ( ROSN.MM ), India’s ONGC Videsh ( ONVI.NS ) and Japan’s SODECO as partners.

Asked if Japan intends to keep its stake, Nishimura said: “From the point of view of diversifying Japan’s crude oil imports, it is a very important project.”

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Reporting by Nobuhiro Kubo; Editing by Leslie Adler

Our standards: Thomson Reuters Trust Principles.

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