MITSY Mitsui and Company Ltd (PK)

By Chieko Tsuneoka

TOKYO--The chief executive of Mitsui & Co., a Japanese trading company partly owned by Warren Buffett's Berkshire Hathaway, said Tuesday that his company would continue pursuing a natural-gas project under development in Russia.

Kenichi Hori said the Arctic LNG 2 project in Russia's polar region was an important part of global efforts to increase the supply of natural gas.

Mr. Hori said the project's first train, or exporting facility for liquefied natural gas, was expected to be completed by the end of this year. He said no talks were under way to revise the construction plan but said if there were changes he would announce them.

Japan will host the leaders of the Group of Seven industrialized nations in Hiroshima from May 19 to May 21. Tokyo officials have said the summit will be an occasion to promote sanctions against Russia and solidarity with Ukraine.

Mr. Hori said Mitsui was observing G-7 rules on trade with Russia.

Russian gas group Novatek holds a 60% stake in the Arctic project, while two Chinese companies collectively have a 20% stake. TotalEnergies of France has a 10% stake. Mitsui has a 2.5% stake and the government's Japan Oil, Gas and Metals National Corp. has a 7.5% stake.

"I think it is important to responsibly promote and carry through the LNG projects in which we are directly involved," including the Russia project, Mr. Hori said.

Mitsui holds a 12.5% stake in a separate LNG project on the Russian island of Sakhalin, which has been producing gas for many years and accounted for nearly 10% of Japan's LNG imports last year.

Berkshire Hathaway said in November 2022 that it owned 6.6% of Mitsui. Mr. Buffett told Nikkei in April that he raised the stake to 7.4%.

Write to Chieko Tsuneoka at chieko.Tsuneoka@wsj.com

(END) Dow Jones Newswires

May 02, 2023 06:10 ET (10:10 GMT)

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