Exclusive: Japan's Inpex selling stake in Russian oil project to Itochu, sources say [Reuters]
ITOCHU CORP UNSP/ADR (ITOCY)
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itochu.co.jp/en/ir/index.html
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Source: Reuters
oil project in Siberia to Japanese trading house Itochu Corp (8001.T) , opens new tab , two people familiar with the deal told Reuters. Japan has joined Western sanctions on Moscow after it sent troops to Ukraine in 2022 but has kept stakes in a number of energy projects as a matter of energy security. The sources, which are close to shareholders of INK-ZAPAD, a joint venture between Russia's privately-held Irkutsk Oil Co (INK) and the Japan South Sakha Oil Co Ltd (JASSOC) consortium, did not give deal terms or say why Inpex decided to sell. But the transaction, which has yet to close according to one of the sources, shows that Japan continues to maintain its presence in Russia despite condemning its actions in Ukraine, supporting sanctions and cutting energy imports from Moscow. In 2021, before the conflict in Ukraine, Japan relied on Russia for 4% of its oil imports. INK owns 51% of INK-ZAPAD while JASSOC holds the rest. JASSOC is controlled by the state-owned Japan Organi
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