Exxon Boss Affirms Commitment To Russia At Moscow Conference

Article title
Exxon Mobil's Chief Executive Rex Tillerson affirms his commitment to doing business with Russia with a speech at a high-profile industry conference in Moscow.


MOSCOW, June 16 (Reuters) - Exxon Mobil's Chief Executive Rex Tillerson affirmed his commitment to doing business with Russia on Monday with a speech at a high-profile industry conference in Moscow.

Western governments have urged global firms to avoid such appearances as they impose sanctions on Russian business leaders over Russia's annexation of Crimea and its actions in eastern Ukraine, where pro-Russian armed rebels are seeking secession.

In May, several Western energy bosses attended the St Petersburg International Economic Forum, saving it from failure as top executives from banks and other firms stayed away.

"In the years ahead, we look forward to tapping advantages ... in the Far East of Russia..., unlocking new supplies of oil and natural gas in the Kara Sea and beyond," Tillerson told the World Petroleum Congress in Moscow.

BP CEO Bob Dudley, who attended the St Petersburg forum, told reporters on the sidelines of the Moscow congress that BP "continues to work and do business as usual" in Russia.

While BP holds a 19.75 percent stake in Russian state-controlled oil giant Rosneft, Exxon works with Rosneft mostly through joint ventures, including one to explore the Arctic Kara Sea.

Rosneft CEO Igor Sechin, who has been targeted personally with sanctions, said this month that the start of that exploration could be brought forward.

Exxon has a stake in the Sakhalin-1 oil and gas project, and has agreed to help Russia develop unconventional oil resources such as shale oil as output from its conventional fields in Siberia declines.

The CEOs of Norway's Statoil, France's Total and China National Petroleum Corp (CNPC) were among those expected to attend the Moscow conference.

(Reporting by Katya Golubkova; Writing by Polina Devitt; Editing by Kevin Liffey and Dale Hudson)

Copyright 2016 Thomson Reuters. Click for Restrictions.


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JC Briant | Jun. 16, 2014
I think that western oil and gas companies and service companies should be concern of not only Russia, but China as well. One party rule and dictatorships have in the past reneged on contracts and the stockholder pay the price. A riff is forming in the world and if we study history people and countries will have to connect themselves to countries that hold the same values and principles nearest to their own. These values and principles include companies. The price of doing business with countries that can change the rules to suit some need to gain territory and control of their neighbors is a country that would not hesitate to break any contract with a country let alone Oil Company. Stock holder of these companies need to take a look at the leadership of their CEO and Board Members that are making these decisions and ask themselves do I want stock in a company that does business with a country that will make war on us and other free nations. Just Do the Right Thing

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