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In the case of expansion of sanctions, Exxon will be released from the Sakhalin-1 project.
The Sakhalin Oblast administration is discussing the possibility of joining the Sakhalin-1 project by buying out ExxonMobil's share, ITAR-TASS reports with reference to an employee of the Sakhalin Oblast administration on condition of anonymity.
He did not name the amount and sources of financing for the possible deal. "The American company is considering the option of withdrawing from Sakhalin-1 in the event of expanding sanctions against Russia," explained a regional official familiar with the consultations.
The operator of the Sakhalin-1 project is ExxonMobil (30%), other members of the consortium for its development are Rosneft (20%), ONGC (20%) and SODECO (30%).
ExxonMobil told ITAR-TASS that the company "complies with the sanctions regime." "We comply with the sanctions. But the current situation did not affect our activities, and our plans remain in accordance with the schedule," the company representative said.