ExxonMobil developing steps to exit Sakhalin-1 project - company

YUZHNO-SAKHALINSK. March 2 (Interfax) - ExxonMobil, an operator of the Sakhalin-1 project, is withdrawing from it, refusing to invest in Russia, the company said in a statement.

"ExxonMobil operates the Sakhalin-1 project on behalf of an international consortium of Japanese, Indian and Russian companies. In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture," the statement said.

The U.S. company noted that its role as operator goes beyond an equity investment.

"The process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers in order to ensure it is executed safely," it said.

The participants of the Sakhalin-1 project are Rosneft with 20%, ExxonMobil with 30%, Japan's SODECO with 30% and India's ONGC with 20%.

The resource base of the fields of the Sakhalin-1 project and the Northern Tip of Chayvo project exceeds 350 billion cubic meters.