TOKYO: Two Japanese trading houses will maintain stakes in a Russian energy project despite Tokyo joining sanctions on Moscow over the war in Ukraine, as the Asian country looks to secure its power supply.
Moscow is transferring operation of the Sakhalin-2 oil and gas project to a new Russian firm, with foreign stakeholders required to apply for approval to maintain their interests, reports AFP.
The resource-poor country faced a power crunch during a summer heatwave this year, and is looking ahead to a potentially difficult winter.
Mitsubishi Corp said Thursday that its 10 percent stake in the Sakhalin-2 project had been approved by Moscow, a day after Mitsui said its 12.5 percent interest had also been given the green light.
The Japanese government had backed both firms continuing in the project. Russia supplies around nine percent of Japan's liquified natural gas (LNG) demands, almost all of which comes from Sakhalin-2.
"This decision is extremely significant for our nation's stable energy supply," government spokesman Hirokazu Matsuno said at a regular briefing on Thursday.
"We will continue to monitor the situation to ensure stable LNG supplies, together with the public and private sectors."
The country had previously ruled out withdrawal from the Sakhalin-2 project, despite joining Western-led energy sanctions on Russia.