Japan May Invest $10b in Rosneft

Japan May Invest $10b  in RosneftJapan May Invest $10b  in Rosneft

Japan will propose broad cooperation in the energy sector with Russia that could include a nearly $10 billion investment in Russian state-owned oil giant Rosneft, Trade Arabia reported on Friday. The report comes as Prime Minister Shinzo Abe plans to meet Russian President Vladimir Putin on the sidelines of a two-day business conference beginning Friday in Vladivostok. The two are expected to discuss closer cooperation in such areas as energy and technology, with Japan hoping to strengthen economic ties. Japan's Ministry of Economy, Trade and Industry is considering investing as much as 1 trillion yen ($9.7 billion) to buy 10% of Rosneft through the government-backed Japan Oil, Gas and Metals National Corp. In addition, Japan will consider joint surveys for oil and gas projects in Eastern Siberia and the Russian Far East. It will also seek technical cooperation in decommissioning the Fukushima Daiichi power plant, the site of the 2011 nuclear disaster.