Japan calls out Russia over LNG/Russia responds to Japan’s threat

Japan calls out Russia over LNG https://www.rt.com/business/558398-japan-concerned-over-russian-lng/

Russia responds to Japan’s threat https://www.rt.com/news/558424-russia-japan-oil-price/


Japan is facing an energy crisis that can severely hurt the world’s third-largest economy as it is forced to tackle a combination of a weak local currency, the fallout from the Ukraine war, and a heatwave.

Tokyo demands information about the ownership change at Sakhalin-2

Japan has requested an explanation from Russia regarding President Putin’s recent decree on the Sakhalin-2 LNG project, Foreign Minister Yoshimasa Hayashi said during a press conference on Tuesday.

“As for the Sakhalin-2 project, it is important for ensuring stable energy supplies for our country. I think that the presidential decree does not mean that energy supplies from Sakhalin will be immediately stopped,” Hayashi said, as quoted by RIA Novosti.

“However, a detailed analysis of information is currently being carried out on how the rights of Japanese companies will be respected under this decree, as well as what impact this will have on LNG supplies to Japan,” he added.

Last week, President Putin ordered the re-organization of the Sakhalin-2 LNG project, transferring ownership to a new, domestic, company. The move, which came in response to actions from ‘unfriendly states’, could force out Japanese investors Mitsui and Mitsubishi, which hold a 22.5% stake in the project. Moscow earlier accused Japan of benefiting from its participation in the project while joining the West in placing sanctions on Russia.

Japan said it would not give up its interests in the project, which is important for the country’s energy security. Sakhalin is the closest LNG facility to Japan and shipments from the site on Russia’s far eastern coast take less than two days to arrive, compared to around a month for imports from the US. Japan imports 10% of its LNG each year from Russia, mainly under long-term contracts from Sakhalin-2.

The Japanese government is reportedly starting to prepare for a possible energy crisis in the country and has recently told residents and businesses in the Tokyo area to conserve energy to avert blackouts.

Russia responds to Japan’s threat

The communique said an oil price cap plan could include options such as enabling transportation of Russian seaborne crude oil and petroleum products globally only if the oil is purchased at or below a specified price.

Limiting the oil price is expected to give more teeth to the existing sanctions imposed on Russia, as the country is believed to be profiting from high energy prices stemming from supply concerns due to the war.

Former President Dmitry Medvedev has warned that Tokyo’s proposed oil price cap could push crude above $400 a barrel

Tokyo’s proposal to place a cap on Russian oil prices would lead to significantly less oil on the market and could drastically push oil prices higher, former Russian president Dmitry Medvedev warned on Tuesday.

Responding to the idea put forward by Japanese Prime Minister Fumio Kishida on Sunday, Medvedev wrote on his Telegram channel that Japan “would have neither oil nor gas from Russia, as well as no participation in the Sakhalin-2 LNG project” if Tokyo decided to go through with the proposal.

“Japanese PM Kishida recently blurted out that the price ceiling for Russian oil would be set at half its current price. Plus, a mechanism will be created that will not allow the purchase of our oil at a price higher than the established one,” the former president wrote.

He went on to explain what this would mean when “translated from Japanese into Russian,” writing that such a move would severely limit the amount of oil available on the market, causing its price to be “much higher.”

“In fact, it will be even higher than the predicted astronomical price of $300-400 a barrel. Compare this with the dynamic of gas prices,” Medvedev said.

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