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Jiji Press: JBIC to Continue Assistance to Russia’s Sakhalin II Project

Published: Feb 22, 2007

Tokyo, Feb. 22 (Jiji Press)–Japan Bank for International Cooperation Governor Kyosuke Shinozawa indicated Thursday the government affiliate will continue to assist the Sakhalin II oil and gas exploration project in the Russian Far East even after Russia’s Gazprom assumes a controlling stake.

The project remains significant for Japan in securing stable supplies of natural gas, Shinozawa said at a press conference.

He said the JBIC is waiting for requests from the operator of the project concerning what kind of assistance is needed.

Japanese trading houses Mitsui & Co. and Mitsubishi Corp. as well as Royal Dutch Shell PLC agreed late last year to relinquish more than half of their combined stake in the operator of Sakhalin II to Gazprom at the request of the Russian government.

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