Japanese energy majors may invest in Russia’s oil megaproject in Arctic

Valeriy Melnikov

Russia’s largest oil company, Rosneft, is in talks with Japanese state-run oil and gas firm Jogmec, and other possible investors to secure funds for its massive Vostok oil project in the Russian Arctic.

It was earlier reported that Rosneft CEO Igor Sechin met with representatives from Japanese companies including Mitsubishi, Mitsui & Co, Itochu, and Inpex, as well as Japan Petroleum Exploration Co (JAPEX) and Marubeni to seek funding for the giant oil project, Reuters and the Financial Times reported on Wednesday. The Japanese investment could help Rosneft to cover between 10 to 40 percent of the project’s costs.

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