Russia and japan sign 23 energy agreements

Russia and japan sign 23 energy agreements

Russia and Japan deepened ties between the neighboring countries over the weekend as Russian President vladimir putin visited Japanese Prime Minister Shinzo Abe in Japan.

The talks were set in the hopes of restarting a dialogue over four islands that every country has claimed a right to since the tip of world war II, and included variety of economic deals, 23 of that were centered on energy.

Russia has gradually been shifting its focus east following the implementation of sanctions against the country by the West over its annexation of crimea. prior to this weekend’s deals, the focus had been on China and india, with ties between Russia and Japan complicated by the territorial dispute over the islands, that Russia refers to as the Kuril Islands, and Japan calls the Northern Territories.

Energy deals have presented an avenue for the 2 countries to increase cooperation, however, even as the ownership of the islands remains in contention.

“Energy may be a strategic area of Russia-Japan cooperation,” putin said, noting Russia’s “reliable” LNG provides, in excess of 8 % of Japan’s needs.

Japan is additionally one of the highest buyers of Russia’s ESPO and Sokol crude.

The deals included Russian state-owned oil giant Rosneft and a consortium of Japanese companies comprising Marubeni Corporation, Japan Oil, Gas and Metals National corporation (JOGMEC) and INPEX Corp. signing a Heads of Agreement for joint exploration, development and production offshore Russia, according to Rosneft.