Exxon Seeks to Recover Billions Lost in Sakhalin Exit ...Middle East

ExxonMobil has quietly signed a non-binding agreement with Russia’s state-run Rosneft that could open the door to recovering billions lost when it exited the Sakhalin-1 project after Moscow’s invasion of Ukraine. Sources told that Reuters the pact, inked in late August or early September, sets the terms for talks but stops short of a binding deal. The move is Exxon’s first tangible step toward clawing back the $4.6 billion write-down it booked in 2022, when it walked away from Russia and lost access to some 150 million barrels…

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