Russia’s President Vladimir Putin has signed a decree that enables foreign investors, including US. ExxonMobil, to reclaim its stake in the Sakhalin-1 oil and gas project, Reuters reported.
Sakhalin-1 is a major oil and gas development located off the coast of Sakhalin Island in Russia’s Far East. Operated under a production sharing agreement since the early 2000s, it involves international partners including ExxonMobil (formerly the project operator), Russia’s Rosneft, India’s ONGC Videsh, and Japan’s SODECO.
The decree was signed on the same day Putin met with the US President Donald Trump in Alaska for a summit focused on investment and business cooperation, as well as discussions aimed at advancing peace in Ukraine.
According to the decree, foreign shareholders can only recover their stakes if they actively support efforts to lift Western sanctions on Russia. In addition, they are required to secure contracts for essential foreign-made equipment and transfer funds into Sakhalin-1 project accounts.
This decree is an update to the one signed by Putin in 2022 to take over the Sakhalin-1 project. Previously, ExxonMobil held a stake of 30% of the project.
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