The Russian General Prosecutor's Office is asking a court to recover 15.5 billion roubles ($220 million) in allegedly unpaid taxes from U.S. oil major ExxonMobil, local news agencies TASS and Interfax reported on Jan. 31 citing court documents.
The Sakhalin regional court website lists a claim against Exxon Neftegaz Ltd, ExxonMobil's Russian subsidiary, by the General Prosecutor's Office, without giving further details.
Exxon declined to immediately comment. The local court declined to disclose further details to Reuters as the company is not a party to the case. The Russian prosecutor's office did not reply to a request for comment.
Exxon last year issued force majeure and abandoned an offshore oil project on the Russian Pacific island of Sakhalin due to Western sanctions imposed on Moscow after it sent troops into Ukraine on what it called a "special military operation".
Moscow retaliated by blocking foreign investors' assets, in some cases also seizing them.
After Exxon's exit, Moscow established a new entity, managed by a subsidiary of Russian energy giant Rosneft, that owns investor rights in Sakhalin-1 project.
The next hearing of the case in Sakhalin is scheduled for Feb. 28, according to the court's web site.
Exxon took an impairment charge of $4.6 billion on its Russian activities in April. It also reduced local energy production and moved staff out of the country.
Russia last year approved requests by India's ONGC Videsh, the overseas investment arm of state-run Oil and Natural Gas Corp, and Sakhalin Oil and Gas Development Co (SODECO), a consortium of Japanese firms, to retain their respective 20% and 30% stakes in the Sakhalin project.
Recommended Reading
US Energy Secretary Nominee Chris Wright Champions Energy at DUG GAS
2024-11-19 - President-elect Donald Trump's energy secretary nominee Chris Wright championed energy's role in bettering human lives earlier this year on stage at Hart Energy’s DUG GAS Conference and Expo.
Exxon, Chevron Beat 3Q Estimates, Output Boosts Results
2024-11-01 - Oil giants Chevron and Exxon Mobil reported mixed results for the third quarter, with both companies surpassing Wall Street expectations despite facing different challenges.
Exxon’s Upstream President Liam Mallon to Retire After 34 Years
2024-12-03 - Exxon Mobil’s board has appointed Dan L. Ammann, currently Exxon’s low carbon solutions president, to assume Liam M. Mallon’s roles.
NOV Appoints Former Denbury CEO Chris Kendall to Board
2024-12-16 - NOV Inc. appointed former Denbury CEO Chris Kendall to its board, which has expanded to 11 directors.
Mexico Pacific Working with Financial Advisers to Secure Saguaro LNG I FID
2024-10-23 - Mexico Pacific is working with MUFG, Santander and JP Morgan to arrange the financing needed to support FID and the anchor phase of Saguaro Energía LNG.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.