Putin-Abe summit brings big economic projects
Japan and Russia are stepping up cooperation as Russian President Vladimir Putin pursues opportunities in fast growing Asian markets for his country's vast Far East. Many of the dozens of deals finalized during his visit to Japan this week involve the energy sector, and most are projects linked to some of both countries' largest corporations.
The Japanese government and Rosatom State Nuclear Energy Corp. agreed on cooperation in helping with the clean-up at from the 2011 disaster at the Fukushima Dai-ichi Nuclear Power Plant, including radioactive waste management and possible decommissioning. The two sides already have been discussing working together on uranium exploration and mining; design, construction and operation of light water reactors; waste processing and management; nuclear safety including radiation protection and environmental control; research and application of radioisotopes and radiation; other areas based on additional written agreements between the parties, Rosatom says.
Russia enjoys a trade surplus with Japan thanks to exports of oil and natural gas. In addition to oil and natural gas projects already underway in Sakhalin and Eastern Siberia, the two countries agreed on cooperation in exploration and development and on expanding joint work on wind and coal co-generation projects. Rosneft said a consortium of Japanese companies including Japan Oil, Gas and Metals National Corp. has agreed to jointly pursue exploration, development and production of oil and gas in the Sea of Japan off Russia's coast. The Kyodo News Service reported major Japanese trading houses also plan to invest in a $40 billion natural gas field project on the Gydan Peninsula near the Arctic Ocean, working with Russia's Novatek. Furthemore, Russia's Rosneft and Japan's Marubeni Corporation and Mitsubishi Heavy Industries Ltd. agreed to study the feasibility of building a gas chemical facility in Russia's Far East that would be built using advanced Japanese technologies and supported by Japanese financing.
Investment deals were also part of the lucrative summit. The Russian Direct Investment Fund and Japan Bank for International Cooperation agreed to set up a Russia-Japan Investment Fund to identify projects that would promote economic, trade and investment cooperation. Each side agreed to invest $500 million in the fund, which is intended to operate independently in joint projects to be launched beginning next year.
The Japanese government and Rosatom State Nuclear Energy Corp. agreed on cooperation in helping with the clean-up at from the 2011 disaster at the Fukushima Dai-ichi Nuclear Power Plant, including radioactive waste management and possible decommissioning. The two sides already have been discussing working together on uranium exploration and mining; design, construction and operation of light water reactors; waste processing and management; nuclear safety including radiation protection and environmental control; research and application of radioisotopes and radiation; other areas based on additional written agreements between the parties, Rosatom says.
Russia enjoys a trade surplus with Japan thanks to exports of oil and natural gas. In addition to oil and natural gas projects already underway in Sakhalin and Eastern Siberia, the two countries agreed on cooperation in exploration and development and on expanding joint work on wind and coal co-generation projects. Rosneft said a consortium of Japanese companies including Japan Oil, Gas and Metals National Corp. has agreed to jointly pursue exploration, development and production of oil and gas in the Sea of Japan off Russia's coast. The Kyodo News Service reported major Japanese trading houses also plan to invest in a $40 billion natural gas field project on the Gydan Peninsula near the Arctic Ocean, working with Russia's Novatek. Furthemore, Russia's Rosneft and Japan's Marubeni Corporation and Mitsubishi Heavy Industries Ltd. agreed to study the feasibility of building a gas chemical facility in Russia's Far East that would be built using advanced Japanese technologies and supported by Japanese financing.
Investment deals were also part of the lucrative summit. The Russian Direct Investment Fund and Japan Bank for International Cooperation agreed to set up a Russia-Japan Investment Fund to identify projects that would promote economic, trade and investment cooperation. Each side agreed to invest $500 million in the fund, which is intended to operate independently in joint projects to be launched beginning next year.