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WSJ: Exxon seeking to resume work on Russia venture curtailed by sanctions

Published 04/19/2017, 01:12 PM
© Reuters.  WSJ: Exxon seeking to resume work on Russia venture curtailed by sanctions
XOM
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  • Exxon Mobil (XOM -0.3%) has applied to the Treasury Department for a waiver from U.S. sanctions on Russia in a bid to resume its joint venture with Rosneft (OTC:RNFTF), WSJ reports.
  • XOM's exploration deal with Rosneft signed in 2012 granted access to explore in Russia’s arctic waters, the right to drill with new technology in Siberia and the chance to explore in Russia's portion of the deepwater Black Sea.
  • It is not clear whether the waiver request was made before former CEO Rex Tillerson joined the Trump administration as Secretary of State, but Tillerson has recused himself from any matters involving XOM for two years, and would not be involved with any decision involving XOM during the period.


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