Logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro © Reuters/Sergio Moraes
Reuters: Exclusive: Exxon exits Russia empty-handed with oil project 'unilaterally terminated'
HOUSTON (Reuters) - Exxon Mobil Corp said on Monday that it left Russia completely after President Vladimir Putin expropriated its properties following seven months of discussions over an orderly transfer of its 30% stake in a major oil project.
Exxon did not say if it received any compensation for the assets, which it had valued at more than $4 billion.
An Exxon spokesperson declined to comment on whether it will proceed to contest the seizure through an international arbitration process, a possibility flagged in August.
Its departure illustrates the clash between the West and Russia over energy following Moscow's invasion of Ukraine in late February and threats of using nuclear weapons against the country and its supporters.
BP, TotalEnergies, Equinor, and Shell have all transferred properties to Russian partners or left operations behind.
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WNU Editor: Here is an easy prediction. Other companies/countries will replace Exxon's stake .... EXCLUSIVE India's ONGC eyes stake in Russian entity managing Sakhalin 1 -sources (Reuters). More here .... Russia expects Shell to be replaced at Sakhalin-2 by year-end - Novak (Financial Post).
ExxonMobil Exits Russian Energy Projects
ExxonMobil Exits Russia With ‘Unilateral Termination’ of Sakhalin-1 Assets -- Moscow Times
ExxonMobil accuses Russia of ‘expropriation’ as it exits oil project -- Financial Times
Exxon fully withdraws from Russia after Putin seizes assets -- CBS News
Exxon Completes Russia Exit -- Rigzone/Bloomberg
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