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Exxon declares force majeure at Russia’s Sakhalin-1 project (NYSE: XOM)

Exxon post 38 Percent quarterly profit drop

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Exxon Mobil’s (NYSE:XOM) Russian unit Exxon Meftegas force majeure declaration about its operation at the Sakhalin-1 oil and gas project in the country’s far east, Reuters reported on Wednesday.

Project stakeholders are said to be finding it difficult to hire tankers to transport oil out of an area that normally requires ice ships to navigate the journey.

Sakhalin-1 exports Sokol-grade crude from the port of De-Kastri, which increased to 228,000 bpd in March, mainly to South Korea and other destinations including Japan, Australia, Thailand and the US.

Exxon (XOM) reiterated that it is taking steps to get rid of its 30% stake in Sakhalin-1 and cease all Russian activities in response to Russia’s invasion of Ukraine.

Exxon (XOM) on March 1 announced the decision withdraws from its operations in Russia, with total assets of ~$4 billion, including Sakhalin-1.

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