Under the decree signed by President Vladimir Putin, foreign business partners had one month from the launch of the new operator in October to decide whether to invest in the new company. Sakhalin Oil and Gas Development held a 30 percent stake in the project, which started producing crude oil on the island of Sakhalin, north of Japan, in 2005. ![]() ![]() "While Japan is reliant on the Middle East for over 90 percent of its crude oil imports, Sakhalin 1 is an extremely important project as an alternative source outside the Middle East," Economy, Trade and Industry Minister Yasutoshi Nishimura told reporters. The move comes amid international sanctions on Russia over its invasion of Ukraine. (Photo courtesy of Exxon Neftegas Ltd.)(Kyodo) Undated photo shows a facility of the Sakhalin 1 oil and gas development project.
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