EXXONMOBIL ISN'T LEAVING RUSSIAN ARCTIC - ROSNEFT (STA BREAKING NEWS and ARCHIVES)

by STANews , Tuesday, September 23, 2014, 13:33

ExxonMobil still plans to participate in the construction of a liquefied natural gas (LNG) terminal in Russia’s Far East, according to Rosneft Vice President Vlada Rusakova.

Rosneft has no knowledge of a plan by ExxonMobil to withdraw from the LNG terminal project under construction on the coast of Sakhalin Island in Russia’s Far East. It is expected to cost $8 billion and will have a capacity of 5 million tons.

"I have not heard anything about it yet," Rusakova told journalists when asked about rumors of ExxonMobil leaving.

Rusakova said the LNG plant partners are the same participants as the Sakhalin-1 project, in which ExxonMobil has a 30 percent stake.

On Friday, Bloomberg reported that sanctions had forced ExxonMobil to cease offshore operations in the Russian Arctic, where it is a joint partner with state-owned Rosneft, which is on both the US and EU sanction lists.

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http://rt.com/business/189884-exxonmobil-russia-arctic-sakhalin-rosneft/