Western oil companies boycott Moscow, Russian bank files for bankruptcy – Middle East Monitor

Italian oil giant Eni intends to sell its 50% stake in the Blue Stream gas pipeline, which it controls equally with Russian giant Gazprom, following Moscow’s invasion of Ukraine, a a company spokesperson announced last night.

“Eni intends to sell its stake” in the Blue Stream gas pipeline linking Russia to Turkey via the Black Sea, the spokesman said. Eni is following the example of major oil companies, including Shell and BP, the two British companies, which have announced their withdrawal from projects in Russia.

US oil giant ExxonMobil announced yesterday that it will gradually withdraw from a major oil field it operates in Russia on behalf of a consortium of Russian, Indian and Japanese companies, known as the Sakhalin-1 project. .

ExxonMobil has managed the Sakhalin-1 project, located in the far east of Russia, since 1995. It owns 30%.

In one declaration the company said: “In response to recent events, we are initiating the process of shutting down operations and developing steps to exit the Sakhalin-1 venture”, emphasizing that it will no longer invest in new projects in Russia .

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The French company Total Energies chose not to leave Russia, but decided not to increase its investments in the country.

ExxonMobil clarified that its withdrawal would not be immediate, saying it is the operator of Sakhalin-1 and has an obligation to keep people and the environment safe.

The company added: “The shutdown process will need to be carefully managed and closely coordinated with joint venture partners to ensure it is executed safely.”

British oil and gas giant Shell announced on Monday that it would abandon its stakes in several joint ventures with the Russian group Gazprom in Russia, due to Moscow’s invasion of Ukraine.

Shell has maintained a presence in Russia over the past two decades, despite rising geopolitical tensions, maintaining cordial relations with the authorities.

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