US energy giant ExxonMobil said Thursday that US and European Union sanctions against Russia had cost it $1 billion last year.
In a securities filing, Exxon said the loss stemmed from suspending joint venture activities with Russian oil major Rosneft under the sanctions imposed in 2014 on the Russian energy sector.
"In compliance with the sanctions... prohibited activities involving offshore Russia in the Black Sea, Arctic regions, and onshore western Siberia have been wound down," it said.
Exxon said its maximum exposure to loss from the Rosneft activities stood at $1 billion on December 31.
The Western sanctions were imposed over the conflict in Ukraine, with the US and EU accusing Moscow of backing the separatists fighting Kiev government troops in the country's industrial east.
The sanctions include a ban on providing certain oil equipment and services, such as for drilling in offshore projects in deep water, in the Arctic, or in shale well drilling.
Rosneft is led by Igor Sechin, a confidant of Russian President Vladimir Putin who was also placed on US and EU sanctions lists.
Exxon was forced to abandon is its joint venture with Rosneft for exploration drilling in the Kara Sea, off northern Siberia, an area estimated to hold 87 billion barrels of oil.
Rosneft announced in September they had discovered oil in one drilling.
Shares of Dow member Exxon were down 1.1 percent in morning trade on the New York Stock Exchange.
GMT 12:00 2018 Wednesday ,28 November
6th Gulf Intelligence Oman Energy Forum opensGMT 13:32 2018 Thursday ,22 November
Russia's Sovcomflot considers acquiring LNG-fueled shipsGMT 08:21 2018 Monday ,19 November
Russia expects new joint energy projects with VietnamGMT 09:34 2018 Sunday ,18 November
US, Japan, Australia, NZ to bring electricity to Papua New GuineaGMT 13:27 2018 Wednesday ,17 October
Russia ready to revive energy dialogue with European UnionGMT 23:11 2018 Thursday ,11 October
GCC renewable energy discussed in KuwaitGMT 18:00 2018 Thursday ,11 October
Strategic nuclear forces’ drills held in RussiaGMT 10:47 2018 Wednesday ,10 October
Egypt can generate up to 53% of power sources by 2050Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor