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Exxon in the Process of Offloading 30% Stake in Sakhalin-1

NATURAL GAS

Exxon Mobil is in the process of transferring its 30% stake in Sakhalin-1 to “another party” based on a filing yesterday with the US Securities and Exchange Commission.

  • It is Exxon’s largest investment in Russia which is has taken a $4.6 billion impairment charge on.
  • It is not clear who the other party is for the transfer of stake.
  • A senior lawmaker said early last month, Russia would take control of the project. Foreign stakes are owned by Exxon Mobil, Japan’s SODECO and India’s ONGC.

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