Rosneft announced on March 1, 2018, that the company will continue to develope its projects after Exxon Mobil pulled out of exploration and research joint ventures with Rosneft due to U.S. and EU sanctions against Russia.
In connection with the notification ExxonMobil sent to the US Securities and Exchange Commission about withdrawing from some of the joint projects with Rosneft the company would like to state the following:
ExxonMobil together with Rosneft is one the global oil and gas industry leaders. The 2 companies carry out a whole range of mutually beneficial projects in the interests of their shareholders in different regions around the world.
The decisions of ExxonMobil to abandon certain projects that fall under the legislative limitations once again imposed by the US government despite their successful development fully comply with the position of the American regulator that changed the way we collaborate on these projects.
Rosneft would like to thank its partners for making every effort possible to get the approvals of the US competent authorities to continue being part of these projects. Rosneft and ExxonMobil will jointly work on legally formalizing this outcome in order to minimize the damage to the shareholders of both companies. After preparing the documents, Rosneft will inform the shareholders on the details of the arrangements according to the corporate standards in place.
Rosneft will continue to unilaterally carry out these projects and will welcome ExxonMobil returning to these projects if such legislative opportunity arises. The company will pursue their collaboration with ExxonMobil on projects that are not affected by the existing limitations as well as on future projects.
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