A large American company was recalled to invest in Russia. An offer accompanied by three conditions
Russian oil installations at the Pacific Ocean Photo: AP / AP / Profimedia
Russian President Vladimir Putin signed a decree on Friday that could allow foreign investors, including the US Mobile Petroleum giant, to regain their participation in the Sahalin-1 petroleum and gas project, reports Reuters, taken by News.ro.
The decree was published on the day of the Alaska summit between Putin and the US President Donald Trump, where in addition to the discussions about peace in Ukraine were on the agenda and investment opportunities and economic collaboration. The document comes to the completion of the one in October 2022, by which the Kremlin ordered the project to take over.
Exxon, which previously held a 30% stake and the role of project operator, was the only Western investor to withdraw, after registering a loss of $ 4.6 billion following the decision to leave Russia after the Ukraine in February 2022.
According to the new provisions, foreign shareholders who want to return to Sahalin-1 must support the lifting of Western sanctions, conclude contracts for the provision of foreign equipment and transfer funds to the project accounts.
However, the road to the return of Western investments remains uncertain, given that the US and the European Union should raise the extensive sanctions imposed on the Russian energy sector.
Sahalin-1 was not designated directly under these sanctions, but the barriers imposed by the Russian government are raised.
Along with Exxon, partners in the project were Rosneft, Indian company NGC Videsh and Japanese consortium Sodeco, whom Moscow allowed them to keep their participation.
In December 2024, Putin extended until 2026 the period of sale for the non -valued participation of Exxon.
Since 2022, the project operator is Rosneft subsidiary, Sahalinneftegaz-chip, which has the power to decide on the rights of foreign investors in Sahalin-1.
