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Itar-Tass: Japan companies concerned over problems with Sakhalin-2 project

25.09.2006, 16.16 
 
TOKYO, September 25 – The Japan Gas Association’s chief Akio Nomura has expressed concern over the situation around the oil and gas project Sakhalin-2 that has been suspended because of incompliance with ecological standards.

A stop to the project would have serious consequences for Japan’s energy security, he told a news conference on Monday.

Nomura, who is also the head of Osaka Gas Corporation, said that four Japanese gas companies had signed contracts for buying liquefied natural gas under the Sakhalin-2 project beginning from 2008.

A delay with deliveries could entail an increase of gas prices, Nomura said.

The chief of the Japanese Petroleum Association, Fumiaki Watari, made a similar warning last week.

He expressed the hope for the continuation of the Sakhalin-2 project in which he said Japanese companies had put large investments and a lot of efforts.

Japan Foreign Trade Council’s chairman Mikio Sasaki promised to take maximum efforts for a smooth progress of the Sakhalin-2 project.

The council comprises members of almost 200 Japanese companies, including major investment and trade corporations Mitsui Bussan and Mitsubishi Shoji that are among shareholders of the project.

Sasaki stressed that the project was important for both Japan and Russia.

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