Exxon Mobil said it has fully exited Russia after Moscow expropriated the company’s assets and ended the oil major’s interest in the Sakhalin-1 oil project.
Exxon Mobil said it is getting out of Russia, joining other oil majors in exiting the country after its attack on Ukraine.Exxon Mobil said it has fully exited Russia after Moscow expropriated the company’s assets and ended the oil major’s interest in the“With two decrees, the Russian government has unilaterally terminated our interests in Sakhalin-1 and the project has been transferred to a Russian operator,” Exxon said in a statement.
The Texas-based oil giant had previously valued the assets related to the project at $4 billion. The company did not say if it was compensated for the assets, but in international law a government in most cases is supposed to pay market value for expropriated property.Exxon Mobil – along with Shell, BP and other major energy and oil field services companies – announced plans to leave Russia following the Kremlin’s invasion of Ukraine in February.
it was in talks to transfer that stake to an unidentified third party. But in August, Russian President Vladimir Putin issued an executive order barring foreign companies from dumping assets in the country.necessary steps to be able to sue Russia. The oil major sent a notice of difference, which is a precursor to a lawsuit in many commercial contracts, to the Russian government.
Sakhalin-1 was Exxon’s only remaining project in Russia. It started producing oil in 2005, and last year it reached an output of 227,000 barrels a day.
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