The Sakhalin-1 gives the Kremlin authority to decide whether foreign shareholders can retain stakes
Moscow/Houston — Russian President Vladimir Putin has signed a decree that establishes a new operator for the ExxonMobil-led Sakhalin-1 oil and gas project in Russia’s far east.
Exxon holds a 30% operator stake in Sakhalin-1, with Russian company Rosneft, India’s ONGC Videsh and Japan’s Sodeco as partners. Russia’s government and Exxon have clashed, with the oil producer threatening to take the case to international arbitration.Japan’s Sodeco was not immediately available to comment, but an official of the industry ministry, which owns a 50% stake in the firm, said it is gathering information and talking with partners. Japan stopped buying crude from Russia in June.
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