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Japanese company INPEX will develop Russian oil fields
Large Japanese oil company INPEX and the Russian company "Rosneft" agreed to jointly develop oil fields on the continental shelf of the Russian Far East.
INPEX president Toshiaki Kitamura and the head of "Rosneft" Igor Sechin signed the agreement on Wednesday.
Under the agreement, the companies will jointly develop oil fields in Magadan and Magadan-2-3 in the Okhotsk Sea.
Representatives of the companies announced that they will set up joint ventures, which make up a third of the capital funds of INPEX. They also noted that on this basis, INPEX will receive a concession for oil production.
It is reported that, based on the structure of the earth formations, this area contains large deposits of oil. The companies plan to begin development of a detailed plan for the development of deposits.
Japan hopes that the new project will help to reduce its dependence on crude oil supplies from the Middle East.