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Japan Resists Pressure to Follow Big Oil’s Exit from Russia

  • Energy firms aren’t looking to exit Russia on supply fears
  • Tokyo balancing energy security and relationship with allies
Updated on

Japan plans to hold onto its investments in major Russian energy projects for now, according to people with knowledge of the matter, despite ongoing aggression in Ukraine and a high-profile exit by Big Oil.

Unless the situation with Russia drastically changes, Japanese companies and consortia have decided keep their stakes in Sakhalin-1, Sakhalin-2 and Arctic LNG 2 projects, according to people at the firms and government officials. Russian oil and liquefied natural gas export projects are geographically closest to Japan and are strategically important for the resource-poor Asian nation, said the people, who requested anonymity to discuss private details.