US oil giant pulling out of Russia – media

US oil giant pulling out of Russia – media

US energy major ExxonMobil is considering a complete withdrawal from Russia by June 24, Reuters reported on Thursday, citing its sources. The company had earlier announced the decision to end all operations in the country.

The oil giant has not provided a timetable for the withdrawal but removed employees who are US citizens from Russia last month. The departures reportedly included staff from its massive oil and gas production operations in Russia’s Far East, including the Sakhalin 1 project.

“As we announced [on] March 1, we are discontinuing operations and taking steps to exit the Sakhalin-1 enture,” Exxon spokesperson Casey Norton said in a statement, as quoted by the media.

The oil major has significantly reduced its chemical and lubricant businesses in Russia. It has also limited sales to existing contractual commitments and essential products, the company’s spokesperson said.

The firm says it is complying with all of the sanctions imposed against Russia.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

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