Exxon escalates dispute with Russia over barred exit from oil project: WSJ

EXXON Mobil has notified Russian officials it will sue the federal government unless Moscow allows the company to exit a major oil and gas project, the Wall Street Journal reported on Tuesday (Aug 30), citing people familiar with the matter.

Russia has banned investors from so-called unfriendly countries from selling shares in key energy projects and banks in the nation until the end of the year, stepping up pressure in the sanctions stand-off with the West.

The ban covers almost all big financial and energy projects where foreign investors still have stakes, including the Sakhalin-1 oil and gas project, in which US oil major Exxon holds a 30 per cent stake.

Exxon's spokesperson Casey Norton confirmed the company had sent the Russian government a notice of difference.

"Exiting is a complex process, and as the operator, we must protect the safety of employees, the environment, and the operation," Norton said. REUTERS


BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes