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Japan’s Ministry of Economy, Trade, and Industry (METI) emphasized in a Reuters interview that crude oil and natural gas imports, including those from Russia, remain critical to the nation’s energy security. The agency stressed the importance of securing external energy supplies, particularly from the Sakhalin-1 oil and gas project in Russia’s Far East, and pledged to take necessary measures to prevent supply disruptions.
This statement comes amid new U.S. sanctions on Rosneft, Russia’s largest oil producer and a stakeholder in Sakhalin-1. The project involves Rosneft and India’s ONGC Videsh, each holding 20% equity, alongside a Japanese consortium led by METI and energy firms with a 30% stake. Prior to 2022, ExxonMobil managed the project but withdrew from Russia following the Ukraine conflict. Japanese entities involved in the project were granted sanctions waivers due to the country’s heavy reliance on imported energy.
Japanese officials have repeatedly stated that completely abandoning Russian energy is impractical. In addition to crude oil from Sakhalin-1, Tokyo imports liquefied natural gas (LNG) from Sakhalin-2, accounting for approximately 9% of Japan’s total LNG imports. JERA, a Japanese power company, sources LNG from this project under long-term contracts expiring in 2026 and 2029.
Last month, after former U.S. President Donald Trump urged Japan to halt Russian energy purchases, the Japanese government reaffirmed its stance, stating it had “gradually reduced dependence on Russian energy” but could not eliminate it entirely in the short term. METI highlighted that supply stability remains a top priority, especially amid global energy market volatility.
These developments underscore Japan’s strategic balance between aligning with Western allies and safeguarding its energy security, given its near-total lack of domestic oil and gas resources. Moving forward, Tokyo is expected to maintain Russian imports to ensure supply stability while exploring diversification opportunities in markets such as the Middle East, the U.S., and Southeast Asia.
Japan was the world’s largest LNG importer in 2022, but by mid-2023, China surpassed it as the top importer. Nonetheless, Japan remains one of the world’s largest LNG importers, playing a pivotal role in Asian energy security.
Source: Oilprice
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