ExxonMobil announced, Tuesday, that it is exiting its last oil and gas projects in Russia, and is not investing in new development projects in oil-rich Russia.
Exxon has halted its Sakhalin-1 project in Russia and is joining an ever-expanding list of Western companies distancing themselves from Moscow. Apple, Ford and General Motors, among others, have done the same, and now Exxon has joined the ranks.
In an official statement, ExxonMobil supports the Ukrainian people in their efforts to defend their freedom and remain a nation. In addition, the company condemns Russian military action, which they say violates Ukraine’s territorial integrity and puts the country’s people at risk.
An Exxon spokesperson said CNN He emphasized that this is the last Russian project of the company and could put an end to the continuous commercial presence in Russia that has lasted for more than a quarter of a century. The company has not yet detailed the financial burden of liquidating the project, in which it has invested large sums over the years.
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However, the company has made it clear that the exit will not happen overnight because it is their duty to ensure the safety of people and the environment. Exxon said it needs to carefully manage the discontinuation of its operations in Russia and coordinate closely with affiliates so that the operation can be carried out safely.
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