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The oil and gas sector as well as the transportation and nuclear power engineering sectors will become priorities in cooperation between Russia and Japan, following the agreement reached at the meeting of Russia’s President Vladimir Putin and Japan’s Prime Minister Yasuo Fukuda on April 26.

The meeting, held in Putin’s official residence in Novo-Ogaryovo outside Moscow, was devoted to discussing prospective cooperative activities between Japan and Russia, as well as the simplification of the visa regulations between the two countries, a press statement from the presidential site www.kremlin.ru reported.

With Japan actively participating in projects to develop Russia’s Far East and Siberia, the two countries will continue to develop cooperative activities in this sphere, the statement said. According to Fukuda, development of the Russian Far East and Siberia implies expanding cooperation in various spheres, including the evolution of transportation infrastructure, with Japan showing interest in modernizing the Trans-Siberian railway, Ria Novosti news agency reported.

Currently, the sides are considering simplifying the cargoes customs registration, which would make for partnership relations between the countries.

Another important area is cooperation in the energy sector, with natural gas extraction and supply to Japan from the Sakhalin-2 oil and gas project to start this year. Later this year, a gas liquefying plant will be constructed in southern Sakhalin, with Japan’s direct investment into construction reaching a total of $3 billion.

At the meeting, the sides also agreed to expand international contacts, to further develop exchanges in young specialists and scientists stressing the necessity to simplify the visa system between the two countries, the statement from Russia’s government said.

In the past five years the trade and economic relations between the two countries has taken a considerable leap forward, with the trade turnover soaring from $4 billion to $21 billion, Ria Novosti cited Japan’s government sources. The number of Japanese companies operating in the Russian market today amounts to 302.