Rosneft will carry out projects after ExxonMobil quit

Rosneft will continue to unilaterally carry out projects in which ExxonMobil participated but decided to quit because of the sanctions, says a statement of the Russian oil company.

Rosneft explained it would support returning of the American partners to these projects “if such legislative opportunity arises.” Now, the two parties are preparing documents for the “divorce.” After it is formalized, Rosneft will inform its stakeholders on detail of the agreements.

ExxonMobil’s exit from joint projects with Rosneft because of the EU and US sanctions was officially announced on March 1, EADaily reported. In 2017, it was fined for $2 bn for allegedly illegal agreement signed with Rosneft CEO Igor Sechin in 2014, who was on sanctions list then. He was put on the list on April 28, 2014. Rosneft was included in the list after the agreement was signed, on July 16, 2014.

The American company found itself in a difficult situation: it implemented about a dozen projects with Rosneft in the Black Sea and the Arctic, as well as projects in Western Siberia. All of them (apart from Sakhalin 1 where ExxonMobil has 30%) were suspended. ExxonMobil’s losses are estimated at $200 mn; Rosneft shares dipped by 1% on Thursday.

In 2017, long-term assets of ExxonMobil in Russia were estimated at about %5.7 bn.