ExxonMobil Says Not Planning to Leave Sakhalin-1 Project in Russia

Reuters

MOSCOW, May 16 (Reuters) – U.S. energy giant ExxonMobil has no plans to pull out of the Sakhalin-1 project in Russia, an ExxonMobil official said on Friday in response to a Russian media report.

The Kommersant newspaper reported on Friday that ExxonMobil might have to pull out of the project to develop the Sakhalin-1 oil and gas field in Russia's far east if U.S. sanctions against Russia are toughened because of the Ukraine crisis.

"These rumours are groundless. This situation (sanctions) has neither an effect on our activity in Russia, nor on our investment plans in Sakhalin-1. We have no other plans than to go ahead with the project," the official said.

Russian Energy Minister Alexander Novak said he had "no information" that ExxonMobil might leave the project.

(Reporting by Denis Pinchuk and Katya Golubkova, Writing by Jason Bush, Editing by Timothy Heritage)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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