Japanese Prime Minister Kishida: "We Will Not Withdraw from Sakhalin Oil and Gas Development Project"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] Japan, which has been strengthening economic sanctions against Russia, has stated that it will not withdraw from the oil and natural gas development projects taking place in Far East Sakhalin.

Prime Minister Kishida, in a response to the Japanese parliament, said, "It is a very important project for contributing to the stable supply of liquefied natural gas at a low price over a long period and for energy security," expressing the position that Japan will not withdraw from the 'Sakhalin-2' project.

The natural gas produced through this project is known to be about 10 million tons annually, of which approximately 60% is sent to Japanese electric power companies and gas companies.

Based on the experience during the oil crisis, the Japanese government has been promoting diversification of supply sources to reduce dependence on the Middle East for energy procurement. The development of Russian resources was carried out as part of this effort.

The Asahi Shimbun reported that Japan currently depends on Russia for about 8.8% of its LNG imports and about 3.6% of its crude oil imports.

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