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April 22, 2022

Exxon aiming to complete Russia withdrawal by 24 June

The US energy giant has already started staff departures from its large oil and gas production operations on Sakhalin Island.

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Exxon Mobil is considering withdrawing completely from Russia by 24 June 2022, Reuters reported, citing two sources familiar with the plan.

The move comes after the announcement by the US energy firm in March this year to exit its Russian operations, following Moscow’s invasion of Ukraine.

Without disclosing a timetable for the withdrawal, the firm has already pulled out employees, who are US citizens, from Russia.

The company started the staff departures from its large oil and gas production operations, including the Sakhalin 1 project, on Sakhalin Island, in Russia’s Far East.

Exxon spokesperson Casey Norton said, in a written statement: “As we announced March 1, we are discontinuing operations and taking steps to exit the Sakhalin-1 venture.”

In Russia, the US-based firm has offices in Moscow, St. Petersburg, Yekaterinburg, and Yuzhno-Sakhalinst. It employed more than 1,000 people in the country in 2021.

In a bid to exit all operations in Russia, Exxon significantly phased down its lubricant and chemical businesses. It also limited sales to existing contractual commitments and essential products, the spokesperson said.

Earlier this month, ExxonMobil said it stopped its Russian Far East LNG project, which was planned to be built as part of the Russian energy giant Rosneft -led Sakhalin-1 consortium.

The project is designed to have an annual capacity of more than six million tonnes.

ExxonMobil owns a 30% stake in the Sakhalin-1 consortium while Japan’s SODECO holds a 30% interest. India’s ONGC has a 20% stake, and Rosneft holds the remaining 20% interest.

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