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Exxon's Tillerson and Putin Bros
Posted on 3/27/14 at 9:24 pm
Posted on 3/27/14 at 9:24 pm
Interesting article about Exxon's $500 billion deal with Russia. I just find it incredible that Exxon would take such a chance with the developed world's most corrupt leader. Ruskies in the Gulf of Mexico and West Texas just got real.
LINK
No doubt, sanctions would be a double edged sword.
LINK
quote:
As in any good bromance, they hang out in each others’ neighborhoods. To balance out the geographic breadth of the partnership, Rosneft has joined with Exxon to invest in 20 deepwater exploration blocks in the Gulf of Mexico, as well as onshore projects in Texas and Alberta, Canada. Exxon has also given Rosneft the option to acquire a 25% stake in the Port Thomson Unit, which is estimated to hold a quarter of the natural gas and condensate reserves on Alaska’s North Slope
quote:
Just as Putin is unlikely to give back Crimea, you can forget about a company as growth-hungry as Exxon willingly backing away from its Kremlin connections out of some perceived patriotic American duty. As Tillerson’s predecessor Lee Raymond famously said (quoted in Steve Coll’s book Private Empire: ExxonMobil and American Power): “I’m not a U.S. company and I don’t make decisions based on what’s good for the U.S.”
No doubt, sanctions would be a double edged sword.
quote:
If the Obama administration were to place sanctions on Exxon preventing it from pursuing its Rosneft joint venture, it would be a significant blow to Putin’s long term ambitions of just maintaining, let alone growing, Russia’s oil and gas output. But it would also deal a significant blow to Exxon, which is counting on Russian volumes to help it maintain its own production levels in the decades to come.
Posted on 3/27/14 at 9:31 pm to Big12fan
There's no way for the U.S. and Europe to inflict pain on Russia without inflicting pain on themselves.
Posted on 3/27/14 at 9:49 pm to Big12fan
XOM has been in Russia for over 20 years.
LINK
quote:
ExxonMobil has had a continuous business presence in Russia for more than 20 years across upstream, downstream and chemical operations. Our upstream offices are located in Moscow and Yuzhno-Sakhalinsk, and our downstream offices are located in Moscow, St. Petersburg, Yekaterinburg, Novosibirsk and Vladivostok. We have a strong upstream presence in Russia as operator of the Sakhalin-1 project.
LINK
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