Exxon Mobile: Russia is key world energy market player

Alongside the countries of OPEC, Russia with its large amounts of natural resources has emerged as one of the key players in the world energy market, said Senior Vice President of Exxon Mobil Rex Tillerson at a meeting with President Vladimir Putin and representatives of Russian and foreign energy companies at Konstantinov palace in St. Petersburg on June 15. He said that Exxon Mobil is interested in cooperating with Russia. Tillerson said that the company has worked in Russia since the 1980's and is the operator of the Sakhalin-1 oil deposit. The amount of investment in this project which was approximately USD 5 billion must be increased to USD 12 billion. He also said that Russian companies have significant resources and at the end of this week Exxon Mobil will announce the coming into force of additional contracts which as a result will increase the Russian share of investment in Sakhalin-1 to USD 2 billion.

Nevertheless, Tillerson did not hide his disappointment with the fact that 'several new elements written into the legislation on division of production have changed the conditions for contracts under the project Sakhalin-3 in the shelf zone.' However, he is hopeful that the Sakhalin-3 and Sakhalin-1 projects will nevertheless be successful.'

Putin said that Exxon Mobil arrived in Russia and announced its large capital investment at a time when the Russian economy 'was just beginning to recover.' He said 'we remember that, and value that.' Putin also said that despite the difficulties regarding the negotiations for Sakhalin-1, 'the problems were nevertheless solved.' Putin said that he is hopeful that the Russian-US companies involved in Sakhalin-3 will move forward together.'

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