ExxonMobil Pulls Out as Operator of Sakhalin-1, Cites Ukraine Conflict

Researched by Industrial Info Resources (Sugar Land, Texas)--Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) said Wednesday it would discontinue operations at the Sakhalin-1 oil and gas venture in Russia, citing the country's invasion of Ukraine. ExxonMobil also said it would make no new investments in Russia.

"ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation," the company said in a press release. "We deplore Russia's military action that violates the territorial integrity of Ukraine and endangers its people."

ExxonMobil said it operates the Sakhalin-1 venture 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," the company said.

ExxonMobil joined a growing number of oil majors who have announced plans to exit Russian ventures as a result of the Ukraine conflict. For more information, see March 1, 2022, article - BP, Equinor, Shell Pulling Out of Russia over Ukraine Invasion.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.