ExxonMobil has announced plan to leave Russia due to the invasion of pro-Western Ukraine and Western sanctions, following in the footsteps of BP and Shell. ayokinews.com reports
In a statement released on Tuesday, the company stated this.
Shell Plc announced on Monday that it will depart joint ventures with Gazprom and affiliated organizations worth $3 billion, which included shares in three major gas projects including the underwater Nord Stream 2 project.
Over the Ukraine incursion, BP also announced intentions to sell its 19.75 percent investment in Rosneft, the Russian state-owned oil company.
ExxonMobil stated that it will not make any fresh investments in Russia, and that the process of ceasing operations in the country, would be managed with the consortium’s co-owners.
The statement reads: “ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people.”
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“We are deeply saddened by the loss of innocent lives and support the strong international response. We are fully complying with all sanctions.”
“ExxonMobil operates the Sakhalin-1 project on behalf of an international consortium of Japanese, Indian and Russian companies. In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture.”
“As an operator of Sakhalin-1, we have an obligation to ensure the safety of people, protection of the environment and integrity of operations. Our role as an operator goes beyond an equity investment. The process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers to ensure it is executed safely.”
“Given the current situation, ExxonMobil will not invest in new developments in Russia.”