Russian-Japanese company decides to start oil extraction at Ichyodinskoye oil field

TOKYO, December 15. /TASS/. Russian-Japanese joint company has decided to launch full-scale oil extraction at the Ichyodinskoye oil field in the Russian Irkutsk Region, the press service of Japan’s Inpex company said on Thursday. The joint company includes Russia’s Irkutsk Oil Company, Japan’s Inpex and Itochu, as well as Japanese state corporation Japan Oil, Gas and Metals National Corporation (JOGMEC). Russia holds a 51% stake in the joint venture while the remaining 49% belong to Japan South Sakha Oil Company formed by the three Japanese participants. The press release does not specify when extraction may start. Participants in the project earlier inspected the oil deposit. The decision to start extraction was made after reserves were confirmed. Inpex said in the press release that oil from the Ichyodinskoye oil field will be supplied both to the Russian domestic market and to the Asia Pacific countries, including Japan. Russian President Vladimir Putin’s visit to Japan starts on Thursday. One of the main topics on the agenda will be the development of bilateral economic relations. The second day of talks in Tokyo will be devoted to this issue. Read more