Exxon Mobil Suspends Russian Far East LNG Project
(Reuters) — Exxon Mobil has suspended its LNG project in Russia's Far East, Interfax news agency quoted a Russian governor as saying on Monday, after the firm announced plans to quit the country following Western sanctions.
Exxon Mobil said last month it would exit its Russian oil and gas operations, which it had valued at more than $4 billion, and halt new investment due to sanctions on Russia over Ukraine.
The decision would see Exxon pull out of managing large oil and gas production facilities on Sakhalin Island in Russia's Far East and put the fate of a proposed multibillion-dollar LNG facility there in doubt.
Exxon had planned to build the Far East Liquefied Natural Gas (LNG) project with annual capacity of more than 6 million tonnes as part of Sakhalin-1 consortium led by Russian energy giant Rosneft.
"The project, which the Americans — Exxon — had announced at the port of De Kastri with the pipe from Sakhalin, it is frozen until further notice from them," Interfax quoted the Khabarovsk region's governor Mikhail Degtyaryov as saying.
"Why has it been done? I am astonished, this is a shot in the foot."
Exxon in Moscow referred Reuters to the company's announcement about its decision to leave business in Russia on March 1.
Related News
Related News
- Energy Transfer Wins New York Court Ruling in $150 Million Pipeline Fraud Case
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- Trump Puts Keystone XL Pipeline Back in Discussion, Though Revival Faces Developer Resistance
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
- Phillips 66 to Sell $865 Million Stake in 500-Mile Gulf Coast Express Pipeline to ArcLight
- NDT, Aramco to Launch 56-Inch Inspection Tool
Comments