Japex bases business plan on keeping Russian Sakhalin-1 energy stake

Japan Petroleum Exploration Co

28/03/2022 08:08

TOKYO, March 28 (Reuters) - The head of oil and gas
developer Japan Petroleum Exploration Co (Japex)  1662.T  said
its new mid- and long-term business plan, unveiled on Monday,
was based on an assumption that it would keep its stake in the
Sakhalin-1 oil and gas project in Russia.  
    But state-backed Japex is unlikely to make new investments
in Russia's energy projects given the current Ukraine crisis,
Masahiro Fujita, president and chief executive officer, told a
news conference on Monday.
    Japan's Sakhalin Oil and Gas Development (SODECO) owns a 30%
stake in the Sakhalin-1 project from which Exxon has said it
would exit. Japex owns 15.285% in SODECO.
    

 (Reporting by Yuka Obayashi; Editing by Edmund Blair)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))