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Exxon Mobil may completely withdraw from Russia by June 24 - sources

Commodities Apr 21, 2022 17:10
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2/2 © Reuters. FILE PHOTO: The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson 2/2

LONDON (Reuters) -Exxon Mobil Corp is considering a complete withdrawal from Russia by June 24, two sources familiar with plans told Reuters on Thursday, following the U.S. oil major's earlier decision to exit all operations in the country.

Exxon Mobil (NYSE:XOM) has not provided a timetable for the withdrawal but last month removed employees who are U.S. citizens from Russia after Moscow launched what it calls its special military operation in Ukraine.

The first departures included staff from its large oil and gas production operations on Sakhalin Island in Russia's Far East, including the Sakhalin 1 project.

"As we announced March 1, we are discontinuing operations and taking steps to exit the Sakhalin-1 venture," Exxon spokesperson Casey Norton said in a written statement.

Exxon last year employed more than 1,000 people across Russia, with offices in Moscow, St. Petersburg, Yekaterinburg and Yuzhno-Sakhalinst, according to its website.

Exxon has also significantly phased down its chemical and lubricant businesses in Russia, and limited sales to existing contractual commitments and essential products used in applications such as food preservation, agriculture and hygiene, the spokesperson said.

The company said it is complying with all sanctions imposed against Russia.

Its deliberations come after dozens of other Western companies - from Apple (NASDAQ:AAPL) and Boeing (NYSE:BA) to BP (LON:BP), Shell (LON:RDSa) and Equinor - that have halted business or announced plans to abandon their Russia operations.

Exxon Mobil may completely withdraw from Russia by June 24 - sources
 

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RAY NORTHING Apr 21, 2022 18:08
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