Japan buys oil from Sakhalin-2 project

Jun 25, 2004 02:00 AM

Japan has imported 10 mm barrels of oil from the Russian Far Eastern Sakhalin-2 project. Other major buyers are China and South Korea.
High oil prices on world oil markets have been a snag to oil deliveries from the Middle East and have forced Japan’s corporation Nihon Oil to import 730,000 barrels of oil, for the first time.

A spokesperson at the Tokyo representative office of the corporation told that similar deals were planned for July and August. The Japanese source said the quality of Sakhalin oil was not inferior to that from Middle East, and a decision of the continuation of such cooperation would depend on prices and general needs of the corporation.
Meanwhile, Nihon Oil does not plan long-term contracts with Russia.
“This does not mean that we shall buy Russian oil next year, nor does it mean that we shall buy it,” the spokesman said.

The Sakhalin-2 project is the development of the Piltun-Astokhovskoye oil field and the Lunskoye gas field. Their reserves are put at respectively 1.1 bn barrels of oil and 350 mm tons of natural gas.
The oil exploration in the Sakhalin-2 project began in July 1999.

Source: Itar-Tass
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