TheCable

ExxonMobil says it will exit Russia, following the exit of BP and Shell, over the invasion of Ukraine and the Western sanctions.

The company said this in a statement issued on Tuesday.

On Monday, Shell Plc said it would exit joint ventures with Gazprom and related entities, including stakes in three major gas projects and the undersea Nord Stream 2 project, worth $3 billion.

BP had also announced plans to offload its 19.75% stake in Russian state-owned oil firm Rosneft over the Ukraine invasion.

ExxonMobil said it would not make any new investment in Russia, adding that the process of discontinuing operations would be coordinated with its co-owners in the consortium.

“ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people,” the statement reads.

“We are deeply saddened by the loss of innocent lives and support the strong international response. We are fully complying with all sanctions.

“ExxonMobil operates the Sakhalin-1 project on behalf of an international consortium of Japanese, Indian and Russian companies. In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture.

“As an operator of Sakhalin-1, we have an obligation to ensure the safety of people, protection of the environment and integrity of operations. Our role as an operator goes beyond an equity investment. The process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers to ensure it is executed safely.

“Given the current situation, ExxonMobil will not invest in new developments in Russia.”