Putin orders Russia to seize Exxon-led Sakhalin 1 oil and gas project

Russian President Vladimir Putin has signed a decree, published on Friday, to set up a new operator for the Sakhalin 1 oil and gas project, following similar steps to seize other oil and gas projects with foreign participation, News.az reports citing Reuters.

Exxon Mobil Corp (XOM.N), with a 30% stake, was the operator of Sakhalin-1, a development in Russia's Far East.

Earlier this year, Exxon took a $4.6 billion impairment charge for exiting the project, its largest investment in Russia, although its head of upstream operations said on Tuesday it was still working with its partners on its exit.

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