Press "Enter" to skip to content

Exxon Mobil to Discontinue Operations at Russia’s Sakhalin-1

Exxon Mobil Corp said on Tuesday that it is starting a process to discontinue operations and developing steps to exit the Sakhalin-1 venture in Russia. The company said it would not invest in new developments in Russia. Mobil supports the people of Ukraine as they seek to defend their freedom and determine their future as a nation.

By moving to discontinue its Sakhalin-1 project in Russia, Exxon joins a growing list of energy companies, including BP (BP) and Shell, that have announced their intention to leave Russia.Other Western companies, including Apple (AAPL), Ford (F), and General Motors (GM), have also distanced themselves from Moscow in recent days.

They deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people. Sakhalin-1 is one of the most significant single international direct investments in Russia. Neftegas Limited, an subsidiary, has a 30% stake and serves as the operator. Russia’s Rosneft also owns a stake.An Exxon spokesperson confirmed that this is the company’s last remaining Russian project.

Exxon would end more than a quarter-century of continuing business presence in Russia by quitting this project.  the largest US oil company, was a glaring omission among the big brands cutting ties with Russia. The company operates the Sakhalin-1 project on behalf of a consortium including Russian, Japanese, and Indian companies.signaled that its exit would not take place overnight, saying it must ensure the safety of the people and environment as it quits the project. The process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers to ensure it is executed safely

Be First to Comment

Leave a Reply

Your email address will not be published.