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Exxon Mobil (NYSE:XOM) says it’s starting the method to discontinue operations on the Sakhalin-1 LNG enterprise in Russia and devising steps to exit the mission, and won’t put money into new developments within the nation, in response to Russia’s invasion of Ukraine.
“Our position as operator goes past an fairness funding,” Exxon stated. “The method to discontinue operations will have to be fastidiously managed and carefully coordinated with the co-venturers with the intention to guarantee it’s executed safely.”
Exxon owns a 30% stake within the mission, alongside Russia’s Rosneft (OTCPK:RNFTF), Japan’s Sodeco and India’s ONGC Videsh; Sakhalin-1 produced almost 83M barrels of oil and condensate and greater than 12B cm of pure and related gasoline in 2021.
Earlier reviews had stated Exxon was removing U.S. employees working in Russia, though the overwhelming majority of its 1,000-person workforce within the nation is comprised of Russian residents.
Exxon, which has been growing Russian oil and gasoline fields since 1995, got here underneath stress to chop ties with Russia after BP, Shell and others disclosed plans to exit Russian investments or halt operations.
