Russia unilaterally frequent participation of the company in Sakhalin-1
According to the expert, ExxonMobil itself took the situation to the extreme, the work on the project actually worked and did not evaluate the assessment either to stay in it or to sell its share. ExxonMobil litigation risk assessed as association
American ExxonMobil explains its withdrawal from Russia. The company believes that the Russian authorities unilaterally have a predominant stake in Sakhalin-1, having created a new project operator, I inform Reuters.
In the past, the “daughter” of ExxonMobil, which was then the operator of “Sakhalin-1”, announced force majeure and began to reduce oil production. In August, ExxonMobil informed, which is associated with the transfer of its 30 percent stake in the project to an unnamed other party. 7 October Vladimir Putin decree, which prohibits until December 31 this year shareholders from “unfriendly” countries to make purchases and sell shares in strategic enterprises and projects. A week later, the Russian operator Sakhalin-1 was created.
Igor Yushkov, a leading expert at the Financial University and the National Energy Security Fund, comments on ExxonMobil’s decision to declare it a forced result from the project:
Igor Yushkov leading expert of the Financial University and the National Energy Security Fund »
Sakhalin-1 is a major investment offshore project being implemented on the basis of a production sharing agreement. Of course, it was signed in 1996, gas production began in 2005. Unlike ExxonMobil, the other two foreign holders – India’s ONGC and Japanese consortium SODECO – are not planning distribution from the project.
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