US Oil Giant ExxonMobil Withdraws From Key Russian Oil Field
NDTV
Russia-Ukraine War: ExxonMobil's move follows a decision by British energy group BP and Shell to pull out of joint projects in Russia.
US oil giant ExxonMobil announced Tuesday it will begin a phased withdrawal from the major oil field it operates in Russia on behalf of a consortium including Russian, Indian and Japanese companies, citing Moscow's invasion of Ukraine.
"In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture," the group said in a statement.
The group added that it deplores Moscow's actions in Ukraine and stressed it will no longer invest in new projects in Russia.
"We are deeply saddened by the loss of innocent lives and support the strong international response," the statement added.
