22 June 2016

    On the sidelines of SPIEF, Russian Minister for Development of Russia’s Far East Alexander Galushka met with Chairman of the Board and CEO of SoftBank Group Corp. Masayoshi Son and Senior Managing Director of the Japan Bank for International Cooperation Tadashi Maeda. The sides discussed the outlook for creating an integrated Russia – Japan – South Korea – China energy system, according to a press release from the Ministry for Development of Russia’s Far East.  

    During the negotiations, Minister Galushka mentioned the growing number of business contacts between Russia and Japan and their promising outlook. “The prospects for relations between our nations are bright. This is also true of the economic dimension, including development of infrastructure projects and attraction of Japanese investors to Russia’s Far East. The idea of creating a power bridge from Sakhalin to Hokkaido has long been discussed. We are ready to make it a practical reality,” the Minister said.

    In turn, Mr. Son, representing SoftBank, said that the idea of interlinking the power systems of Northeast Asia via extra-high-voltage transmission lines and implementing the concept of the Asian Energy Super Ring would benefit all member states. “About 78% of Asian generation is consumed within the Russia – Japan – South Korea – China ring. I believe it would be more than pertinent for our four nations to combine into an integrated power ring,” the Bank’s Director noted.

    The sides to the negotiations decided to elaborate this project, in order to discuss it in more detail and to sign a relevant agreement as part of the Eastern Economic Forum on 2–3 September in Vladivostok.