ExxonMobil’s Russian ‘Cooperation’ in Arctic Despite Sanctions
Despite sanctions from the West on Russian oil companies, President Vladimir Putin is praising ExxonMobil as a potential cooperator to begin an oil drill project in the Arctic.
“Today, commercial success is driven by efficient international cooperation,” Putin told July 9 from his Black Sea residence in Sochi in a video conference call to Glenn Walker, ExxonMobil’s manager for Russia, and Rosneft CEO Igor Sechin, who were at the drill site in the Arctic’s Kara Sea. “[D]espite certain current political difficulties, pragmatism and common sense prevail.”
The decision of the American oil giant not to abandon the project despite possible sanctions from Washington is considered as a measure of support for Rosneft.
The Russian president mentioned, “In spite of the difficult current political situation, pragmatism and common sense still have the upper hand, and that is very gratifying”.“In our opinion, this is a truly responsible, business-like approach, and only such an approach can be productive,” underscoring the importance of international cooperation in the project.
Exxon’s spokesman Walker told that from the company’s part they are eager to keep thei business ties with Russia.
The payoff for the $700 million investment in the Kara Sea is expected to be huge, Rosnefit’s Sechin said, pointing to two geological surveys of the region. “This is the most ambitious project in the world’s oil and gas industry,” he told in during the call.
Source: oilpricecom
