Japan, Russia to cooperate on petroleum projects

Japan and Russia have agreed to cooperate on a variety of oil and gas projects, to include exploration, production, processing, and marketing.

Oct 21st, 2008

Eric Watkins
Oil Diplomacy Editor

LOS ANGELES, Oct. 21 -- Japan and Russia have agreed to cooperate on a variety of oil and gas projects, to include exploration, production, processing, and marketing.

The announcement was made after the eighth meeting of the bilateral Intergovernmental Commission on Trade and Economic Affairs, co-chaired by Russia's Minister of Industry and Trade Viktor Khristenko and Japan's Foreign Minister Hirofumi Nakasone.

Their joint memorandum calls energy "the key direction of mutually advantageous Russian-Japanese cooperation as a whole and important from the viewpoint of strengthening energy security of the two countries in the Asia-Pacific region."

The two sides also expressed hope for "establishing specific projects at stages from prospecting, developing deposits and processing of raw materials to marketing goods in the framework of understandings on cooperation in the sphere of oil and gas."

The document stressed that the Japanese government promotes participation of Japanese companies in energy projects in Russia, including the establishment of gas processing and gas chemical production facilities in eastern Russia.

The two sides also hailed the start of joint exploration for oil in eastern Siberia, which they said would help to drive the East Siberia-Pacific Ocean pipeline.

Contact Eric Watkins at hippalus@yahoo.com.

More in General Interest