May 29, 2023

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Exxon declares force majeure at Russia’s Sakhalin-1 project (NYSE:XOM)

Exxon Posts 38 Percent Decline In Quarterly Profit

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Exxon Mobil’s (NYSE:XOM) Russian device Exxon Meftegas declared drive majeure on its operations at the Sakhalin-1 oil and gas undertaking in the country’s considerably east, Reuters described on Wednesday.

Job stakeholders reportedly are acquiring difficulty chartering tankers to ship oil out of a location that commonly demands ice vessels to navigate the journey.

Sakhalin-1 exports Sokol grade crude oil from the De-Kastri terminal, increasing to 228K bbl/day in March, mainly to South Korea and to other places which includes Japan, Australia, Thailand and the U.S.

Exxon (XOM) reiterated it is getting techniques to exit its 30% stake in Sakhalin-1 and discontinue all Russia functions in reaction to Russia’s invasion of Ukraine.

Exxon (XOM) on March 1 announced its conclusion to withdraw from its Russian functions, which overall ~$4B in belongings which include Sakhalin-1.