Putin allows ExxonMobil to regain stake in Sakhalin-1 project

 Russian President Vladimir Putin has signed a decree permitting U.S. energy major ExxonMobil to regain its 30% stake in the Sakhalin-1 oil and gas project, according to a document published on the government’s legal information portal.

The move came shortly before Putin’s meeting with U.S. President Donald Trump in Alaska. ExxonMobil previously held the stake through its subsidiary Exxon Neftegas.

Exxon recorded losses of $4.6 billion in 2022 after pulling out of the Russian market following Western sanctions.

N.Tebrizli