2 Sep 2022 12:59

Novak, Mitsui discuss projects in Russia, intensification of energy sector investment, technology cooperation

MOSCOW. Sept 2 (Interfax) - Deputy Russian Prime Minister Alexander Novak and Mitsui & Co executive Motoyasu Nozaki discussed bilateral business cooperation in the energy sector between Russia and Japan and issues related to the continuation of the Japanese company's operations in Russia at a meeting in Moscow, the Russian government's press service reported.

Attention focused on the further development of gas production and processing projects on Sakhalin Island, including as part of the Sakhalin-2 production sharing agreement, as well as the Arctic LNG 2 and Yamal LNG projects, the statement said.

"Sakhalin-2 is one of the company's largest projects. Mitsui joined its development in 1986, becoming the only company to develop the project from the very beginning. Work on the Sakhalin-2 project and other joint projects is mutually beneficial for our countries. We hope for the comprehensive intensification of our cooperation in the energy sector, foremost in the areas of investment and technology," Novak said.

Novak also invited Nozaki to the REN-2022 International Forum, which will be held in Moscow on October 12-14.

Mitsui and Japan's Mitsubishi have decided to remain in the Sakhalin-2 project after the production-sharing project operator, Bermuda-based Sakhalin Energy Investment Company Ltd, was replaced by a Russian limited liability company in line with a Russian presidential decree.

Japan had long been the world's biggest liquefied natural gas consumer until it was overtaken by China, and has been in talks to participate in almost all LNG projects in Russia.

Talks were held with Novatek on joining Yamal LNG, but without success. However, Mitsui is building some of the gas carriers for the project, and has also agreed to participate in Novatek's project to build an LNG terminal in Murmansk and Kamchatka. Later, a consortium of Mitsui and the Japanese national oil, gas and metals corporation JOGMEC became the owner of a 10% stake in another Novatek LNG project, Arctic LNG 2.