Connect with us

America

U.S. oil giant, ExxonMobil to withdraw from Russia over Ukraine invasion

Published

on

U.S. oil giant, ExxonMobil, says it will discontinue its current operations in Russia over the country’s invasion of Ukraine.

“We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people,” ExxonMobil said in a statement.

“We are deeply saddened by the loss of innocent lives and support the strong international response.”

“We are fully complying with all sanctions.”

“ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation,” the statement stated.”

The U.S. concern operates the Sakhalin-1 gas project on behalf of an international consortium of Japanese, Indian and Russian companies.

“In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture,” the statement added.

ExxonMobil has been in Russia for decades and holds 30 per cent of the Sakhalin-1 project.

The U.S. firm further said with the current situation, it will not invest in new developments in Russia.

Ummul Idris

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

Comments
NIGERIA DECIDES

NIGERIA DECIDES

Shell Digital Plan RESPONSIVE600x750
Shell Digital Plan RESPONSIVE600x750
GTB
JoinOurWhatsAppChannel