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American energy major ExxonMobil intends to end its involvement in Russian projects

The company will not invest in new developments in Russia

American energy major ExxonMobil intends to end its involvement in Russian projects

Irving (Texas), March 2 - Neftegaz.RU. ExxonMobil announced it would discontinue operations of a key oil & gas project in Russia, as well as halt any further investments in the country.

American oil & gas giant has operated the Sakhalin facilities since production began in 2005.
The company has been developing its Russian oil & gas fields since 1995.

The company´s statement said:
  • We are deeply saddened by the loss of innocent lives and support the strong international response
  • We are fully complying with all sanctions
  • ExxonMobil operates the Sakhalin-1 project on behalf of an international consortium of Japanese, Indian and Russian companies
  • In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture
ExxonMobil holds a 30 % stake in Sakhalin-1 project, while 2 Russian affiliates have a combined 20 % stake.
Japanese SODECO and an Indian ONGC Videsh also have stakes in the project.

According to Reuters, Exxon has already started removing employees who are U.S. citizens from Russia.
The company employed more than 1 000 people across Russia last year.
As per the firm’s latest annual report, filed in February, ExxonMobil’s Russian assets were valued at $4.055 billion.

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