Japan to work with G7 on U.S. sanctions against Arctic LNG 2 - Minister of economy, trade and industry

TOKYO. Nov 7 (Interfax) - Tokyo will work with the G7 regarding the imposition of U.S. sanctions on the Arctic LNG 2 project in Russia, Japan's minister of economy, trade and industry, Yasutoshi Nishimura said on Tuesday.

Japan will work with G7 countries to assess this matter and respond appropriately in order to avoid hurting energy supplies to the country, the minister was reported as saying on Channel News Asia. It is expected that the sanctions will inevitably have some impact on business, he added.

The United States imposed a new batch of sanctions against Russia last Thursday, including the Arctic LNG 2 project. Japan's Mitsui & Co., Ltd., which is a participant in the liquefied natural gas project, said on Friday that it would study the sanctions and take measures with the Japanese government.

The company said it has not yet made any changes to its guidance for the year ending in March 2024 or its policy for shareholder returns.

The Arctic LNG 2 project involves the construction of three LNG production trains with capacity of 6.6 million tonnes per year each. The LNG modules are being built on gravity based structures.

Russian gas producer Novatek owns 60% of the project. France's TotalEnergies , China's CNPC and CNOOC, and a consortium of Japan's Mitsui & Co. and JOGMEC each hold 10% stakes in the project.