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Japan Looks at Magadan

Japan's Marubeni Corp. is interested in joint projects with Rosneft, according to a statement on the Magadan region web site.

Marubeni is in talks with Rosneft on participating in oil and gas projects in the Sea of Okhotsk to supply Asian markets, the statement said, citing a Marubeni official.

The regional administration expects Rosneft to complete license agreements to develop blocks off the coast of Magadan in September. The Japanese company also expressed an interest in mining in the region.

(Bloomberg)

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