With the signing of a decree by Russian President Vladimir Putin, the “Sakhalin” oil and gas project’s operations will be moved to Russia. This development could result in ExxonMobil Corp.’s eventual departure from the Russian Far East.
According to a notification released on Friday, the current union of investors and operator, “Exxon Neftegaz Limited,” will lose its rights and obligations, the “Bloomberg” news agency said on Saturday.
The new company’s foreign shareholders have one month to decide whether they will keep their shares or sell them.
In order to deal with potential losses that surfaced early this year due to the suspension of Sakhalin-1 production, those who withdraw will be eligible for compensation.
Following Russia’s invasion of Ukraine, Exxon suspended production.
The “Sakhalin” oil and gas project’s activities are moved to Russia by decree signed by Putin.
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