Exxon declares force majeure at Russia’s Sakhalin-1 project (NYSE:XOM)

Exxon Mobil’s (NYSE:XOM) Russian unit Exxon Meftegas declared pressure majeure on its operations on the Sakhalin-1 oil and fuel challenge within the nation’s far east, Reuters reported on Wednesday.

Undertaking stakeholders reportedly are having problem chartering tankers to ship oil out of a area that typically wants ice vessels to navigate the journey.

Sakhalin-1 exports Sokol grade crude oil from the De-Kastri terminal, rising to 228K bbl/day in March, principally to South Korea and to different locations together with Japan, Australia, Thailand and the U.S.

Exxon (XOM) reiterated it’s taking steps to exit its 30% stake in Sakhalin-1 and discontinue all Russia operations in response to Russia’s invasion of Ukraine.

Exxon (XOM) on March 1 introduced its determination to withdraw from its Russian operations, which whole ~$4B in property together with Sakhalin-1.