Exxon Mobil on Monday said it has fully exited Russia, with the energy giant saying that President Vladimir Putin had expropriated its assets in the country and 'unilaterally terminated' the company's Sakhalin-1 oil project.
Exxon Mobil on Monday said it has fully exited Russia, with the energy giant saying that President Vladimir Putin had expropriated its assets in the country and"unilaterally terminated" the company's Sakhalin-1 oil project.
"With two decrees, the Russian government has unilaterally terminated our interests in Sakhalin-1, and the project has been transferred to a Russian operator," an Exxon Mobil spokeswoman said. She didn't disclose whether Exxon received compensation for the assets, but added that Exxon plans to reserve its legal rights under international law and its production-sharing agreement to pursue remedies.
Russia's move to seize Exxon's assets come after seven months of negotiations over a transfer of the company's stake in the Sakhalin-1 project,to Reuters, which first reported on Exxon's move to complete its withdrawal from the country. "We made every effort to engage with the Russian government and other stakeholders," an Exxon spokesperson told the news service.
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