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Japan does not plan to invest in Rosneft

Japan does not plan to invest in RosneftJapan is looking for different ways to secure natural resources, but the government didn’t consider investing in Russian state-owned oil giant Rosneft, Trade Minister Hiroshige Seko said on Friday.

Earlier on Friday Nikkei newspaper reported that Japan will propose a broad cooperation in the energy sector with Russia. It said that the Ministry of Economy, Trade and Industry (METI) was considering investing as much as 1 trillion yen ($9.7 billion) to buy 10 percent of Rosneft through the government-backed Japan Oil, Gas and Metals National Corp (JOGMEC).

The news came ahead of Prime Minister Shinzo Abe meeting with Russian President Vladimir Putin in Vladivostok over cooperation in energy and technology. Seko will also accompany Abe on the trip to Russia.

Trade Minister confirmed that cabinet is planning a bill to reinforce the ability of JOGMEC to secure supplies of natural resources. But he also said that there are no particular countries or deals for now.

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