Mitsui & Co. to Keep Pursuing Natural-Gas Project in Russia
02 Maggio 2023 - 12:25PM
Dow Jones News
By Chieko Tsuneoka
TOKYO--The chief executive of Mitsui & Co., a Japanese
trading company partly owned by Warren Buffett's Berkshire
Hathaway, said Tuesday that his company would continue pursuing a
natural-gas project under development in Russia.
Kenichi Hori said the Arctic LNG 2 project in Russia's polar
region was an important part of global efforts to increase the
supply of natural gas.
Mr. Hori said the project's first train, or exporting facility
for liquefied natural gas, was expected to be completed by the end
of this year. He said no talks were under way to revise the
construction plan but said if there were changes he would announce
them.
Japan will host the leaders of the Group of Seven industrialized
nations in Hiroshima from May 19 to May 21. Tokyo officials have
said the summit will be an occasion to promote sanctions against
Russia and solidarity with Ukraine.
Mr. Hori said Mitsui was observing G-7 rules on trade with
Russia.
Russian gas group Novatek holds a 60% stake in the Arctic
project, while two Chinese companies collectively have a 20% stake.
TotalEnergies of France has a 10% stake. Mitsui has a 2.5% stake
and the government's Japan Oil, Gas and Metals National Corp. has a
7.5% stake.
"I think it is important to responsibly promote and carry
through the LNG projects in which we are directly involved,"
including the Russia project, Mr. Hori said.
Mitsui holds a 12.5% stake in a separate LNG project on the
Russian island of Sakhalin, which has been producing gas for many
years and accounted for nearly 10% of Japan's LNG imports last
year.
Berkshire Hathaway said in November 2022 that it owned 6.6% of
Mitsui. Mr. Buffett told Nikkei in April that he raised the stake
to 7.4%.
Write to Chieko Tsuneoka at chieko.Tsuneoka@wsj.com
(END) Dow Jones Newswires
May 02, 2023 06:10 ET (10:10 GMT)
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