Japan seeks to strengthen ties with Russia to ensure security of energy supply amid growing uncertainties on the global oil market and does not see U.S. sanctions on Moscow as an obstacle to boosting cooperation.
Supply and demand may slacken due to economic slowdown or tighten with increased US sanctions against Iran leading to uncertainty in the global crude oil market.
Supply and demand may slacken due to the economic slowdown or tighten with increased US sanctions against Iran leading to uncertainty in the global crude oil market.
In such an environment, Russian energy flows offer the advantage of short-haul transportation, Japan’s Minister of Economy, Trade and Industry, Hiroshige Seko, said, as Japan heavily relies on crude oil imports from the Middle East.
Seko was confident that current sanctions against Russia by the US, EU, Japan and other countries will not impede the cooperation.
The minister mentioned some oil and gas projects in Russia which Japanese companies are seeking to take part.
“Japanese companies are interested in LNG projects such as Arctic LNG 2, Sakhalin 2 third train, Baltic LNG, etc. If Japanese companies can participate in these LNG projects, LNG imports from Russia will increase further,” he said.
Talks are also progressing on wind power projects, energy conservation audits for buildings in the Russian Far East, renewable energy and nuclear energy cooperation such as decommissioning of the Fukushima Daiichi nuclear power plant, he said.