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ExxonMobil Ditches Russia Following Western Sanctions: Reuters

Published 04/04/2022, 12:38
Updated 04/04/2022, 13:10
© Reuters.  ExxonMobil Ditches Russia Following Western Sanctions: Reuters
XOM
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  • Exxon Mobil Corp (NYSE: NYSE:XOM) suspended its liquefied natural gas project in Russia's Far East following Western sanctions, Reuters reports.
  • Exxon would pull out of managing extensive oil and gas production facilities on Sakhalin Island in Russia's Far East, putting the proposed multi-billion dollar LNG facility there in doubt.
  • Also Read: Here's Why BP (LON:BP) And Exxon Mobil Shares Are Rising
  • Exxon had aimed to build the Far East Liquefied Natural Gas (LNG) project with an annual capacity of more than 6 million tonnes as part of the Sakhalin-1 consortium led by Russian energy giant Rosneft Oil Co (OTC: OJSCY).
  • Previously, ExxonMobil looked to exit its Russian oil and gas operations, worth over $4 billion, and halt new investment due to sanctions on Russia over Ukraine.
  • Russia expressed its disappointment with Exxon's move.
  • Price Action: XOM shares closed higher by 0.63% at $83.11 on Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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