U.S. Sanctions Cover Russian LNG Project Involving Japan Entities

   Tokyo, Sept. 16 (Jiji Press)--A Russian liquefied natural gas project in which Japanese entities hold stakes is among recently announced additional targets of U.S. economic sanctions against Russia over its invasion of Ukraine, it was learned Saturday.
   The Japanese government has been working with the international community in imposing sanctions on Russia. But Tokyo has voiced its intention to keep the Japanese stakes in the Arctic LNG 2 project, stressing that it is important in light of economic security.
   The addition of the project, which involves the government-linked Japan Organization for Metals and Energy Security, or JOGMEC, and major Japanese trading house Mitsui & Co., to the U.S. sanctions list is expected to delay LNG production from the project, planned to start late this year.
   Arctic LNG 2 is for developing a gas field in northern Russia in the Arctic Circle. It has been expected to start LNG production in three stages from late 2023 and increase its annual production capacity to 19.8 million tons in 2026.
   Major Russian natural gas company Novatek has a majority stake in the project. JOGMEC and Mitsui hold a combined stake of 10 pct through a joint venture.

(2023/09/16-21:24)

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