• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 5 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 1 min The Inconvenient Truth Of Electric Cars
  • 3 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 3 hours Oil Demand Needs to Halve: Equinor
  • 7 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 5 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 2 hours Solar Panels at 26 cents per watt
  • 8 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 7 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 8 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 4 hours Hydrogen FTW... Some Day
  • 3 hours Section 232 Uranium
  • 45 mins Huge UK Gas Discovery
  • 4 hours The Plastics Problem
  • 44 mins Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
Philadelphia Refinery Explosion To Boost Gasoline Prices

Philadelphia Refinery Explosion To Boost Gasoline Prices

The explosions at the Philadelphia…

Japan To Boost Energy Cooperation With Russia

lng_china_russia

Amid growing uncertainties on the global oil market, Japan is looking to boost its energy cooperation with Russia, and international sanctions on Moscow don’t prohibit cooperation, Japan’s Economy, Trade and Industry Minister Hiroshige Seko said in a written interview with S&P Global Platts published on Friday.

Japan, which relies almost exclusively on imports of crude oil and liquefied natural gas (LNG) to meet its demand for those products, sees the benefit of shorter travel times and safer routes for deliveries from Russia’s Far East, amid increased uncertainties in the global oil market with the U.S. sanctions on Iran, according to Seko.

“Imports of Russian crude oil and LNG do not go through any chokepoints such as the Strait of Hormuz. Therefore they are important for the diversification of Japan's energy import sources, and I hope that Russia will play an even larger role. I would like to continue working to expand our cooperation,” Seko told Platts.

Currently, Japan relies heavily on imports from the Middle East, with cargoes having to pass through the Strait of Hormuz, which Iran has threatened to block numerous times over the past few years.

Japanese companies are also interested in taking part in planned LNG projects in Russia, including Arctic LNG 2, Baltic LNG, and the third train at Sakhalin, the Japanese minister said, noting that if Japanese firms secure participation, Japan could boost its LNG imports from Russia in the future.

Sanctions on Russia are not a concern for Japan, because Tokyo complies with them, yet sanctions “do not comprehensively prohibit Japan’s energy cooperation with Russia,” Seko told Platts.

Japanese and Russian firms have recently entered into an early agreement for possible future cooperation in LNG.

As Russia’s LNG producer Novatek is looking to boost LNG supply to the growing Asian market, the Russian firm has recently signed a preliminary agreement with Japan’s Saibu Gas, under which the companies will consider potential cooperation in entering the end-consumer LNG market in Asia. Novatek will optimize its LNG supplies to the Asia-Pacific region by using Saibu Gas’s Hibiki LNG terminal in Japan, the Russian firm said in December.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News