“American corporation ExxonMobil negotiates resumption of oil production in RussiaExxonMobil is holding closed-door negotiations with Rosneft regarding the resumption of development of Sakhalin-1, subject to
permission from the US and Russian governments. Negotiations intensified after Trump’s inauguration, and the company received
support from the US government.
”, — write: unn.ua
DetailsAccording to sources, senior vice president of the corporation Neil Chapman discussed the possibility of returning to the development of the field, provided that the US and Russian governments allow it as part of the peace process in Ukraine. Only a few people knew about the meeting.
It is noted that in the last few weeks, Exxon CEO Darren Woods discussed with Donald Trump the possible resumption of the company’s activities in Russia.
According to a source, during the presidencies of Joe Biden and the Trump administration, Exxon and other companies received US permission and licenses from the Treasury Department to negotiate blocked assets with Russian partners.
The first round of negotiations took place shortly after Exxon’s exit from Russia in 2022
A senior administration official noted that at the same time, the company’s management appealed to the US government for support in case of a return to Russia and received support.
As WSJ writes, negotiations between Exxon and Rosneft on resuming the partnership intensified around January 2025, after Trump’s inauguration.
In February, high-ranking representatives of the US and Russian governments held a public meeting in Riyadh (Saudi Arabia) to begin negotiations on ending the war. At that time, Russia promised American companies investment opportunities, including in the development of Arctic energy resources.
According to some individuals familiar with the course of negotiations, Chapman from Exxon and Rosneft CEO Igor Sechin held a closed meeting in the capital of Qatar, Doha. Sechin is under US sanctions, and Americans are mostly prohibited from dealing with him without a license from the Treasury Department, which Exxon received.
The WSJ reported that one of the obstacles to the corporation’s return to Russia was removed by dictator Vladimir Putin during the summit in Alaska – he signed a decree allowing foreign companies to own shares in the Russian firm that managed Sakhalin after Exxon’s departure.
The conditions include the supply of equipment and spare parts from abroad, as well as lobbying for the lifting of sanctions.
Exxon’s return will likely depend on the terms offered by Russia. The company seeks to compensate for losses from its withdrawal from Sakhalin
A senior administration official stated that at the same time, the company’s management appealed to the US government for support in case of a return to Russia and received a positive response.
At the same time, the WSJ admits that if Exxon returns, it will face a different business environment.
The Russian economy has slowed down under the pressure of sanctions, high interest rates and inflation, and asset confiscation by the state is common. In addition, in wartime conditions, the Kremlin has further tightened control over the country’s vast energy sector.
According to The Wall Street Journal, the Russian oil market has changed. Europe has abandoned Russian crude, and refineries in India and China are eagerly buying it. Traders who buy and sell oil mostly do so through opaque companies in the United Arab Emirates.
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