United States and Russia prepared to delve deeper into negotiations regarding the Sakhalin 1 oil and gas project
In a significant meeting held in Alaska, Russian President Vladimir Putin and former US President Donald Trump discussed a range of topics, including the ongoing dialogue between their nations and opportunities for investment and business collaboration.
One of the key points of discussion was the potential for finding peace in Ukraine, a topic that has been a source of international concern. The meeting also focused on the Sakhalin-1 oil and gas project, an area of cooperation between Russia and potential foreign investors.
The Sakhalin-1 project, located off the eastern coast of Russia, has seen the participation of Exxon Mobil, an American oil major, until recently. Exxon Mobil held a 30% operator share in the project, operating it through its subsidiary Exxon Neftegas. However, the company withdrew its stake in March 2022, following Moscow's troop deployment in Ukraine. As a result, Exxon Mobil took an impairment charge of US$4.6 billion to exit its Russian business.
In a recent development, Russian President Vladimir Putin signed a decree that could allow foreign investors, including Exxon Mobil, to regain shares in the Sakhalin-1 oil and gas project. This decree was signed on the same day as the Putin-Trump zoom meeting.
The Sakhalin-1 project has been a point of cooperation between Russia and potential foreign investors, with Exxon Mobil being the only non-Russian investor to have been part of the project before its withdrawal. The project's future participation by foreign investors, such as Exxon Mobil, could potentially boost investment and business collaboration between the two nations.
Russia's ongoing dialogue with the United States extends beyond the meeting between Putin and Trump. The two nations continue to engage on various issues, with the hope of fostering a more harmonious relationship in the future. The discussions in Alaska mark a step towards strengthening the dialogue and exploring opportunities for mutual benefit.
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