TOKYO : Japan will decide its measures on the Sakhalin-1 oil and gas project in Russia's Far East in consultation with its partners as it reviews details of a decree by Moscow, Japanese industry minister Yasutoshi Nishimura said on Tuesday.
Russia last week issued a decree allowing it to seize Exxon Mobil's 30 per cent stake and gave a Russian state-run company the authority to decide whether foreign shareholders including Japan's SODECO can retain their participation in the project. The Sakhalin-1 is an important project for Japan to diversify its energy sources, including reducing its reliance on the Middle East, Nishimura told a news conference.