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Business/Finance See other Business/Finance Articles Title: ExxonMobil Russia Says Certain of Long-Term Cooperation with Rosneft BOCHAROV RUCHEY, August 9 (RIA Novosti) - The Chief of ExxonMobil Russia Glenn Waller said he was certain of his corporation's long-lasting cooperation with Russia's oil giant Gazprom at the launch of the companies' joint project in the Arctic. "Our cooperation is a long-term one. We see big benefits here and are ready to work here with your agreement," Waller said. Russia's President Vladimir Putin launched the joint project at the Arctic West Alpha rig on Saturday, saying it would benefit the economies of both countries, as well as the global energy market. The companies will drill in the northernmost well called Universitetskaya-1 in the Kara Sea. Rosneft CEO Igor Sechin compared the "new Kara Sea oil province" to the resource base of Saudi Arabia. The project kicked off less than two months after Russia’s oil giant Rosneft and Texas-based ExxonMobil Corporation launched the Berkut oil and gas rig in the Sea of Okhotsk at the end of June. The project with ExxonMobil and Russia’s Arctic shelf exploration as a whole came under threat after the United States, along with the European Union and several other countries, imposed sanctions on Russia’s energy, financial and defense sectors last week over Russia’s alleged involvement in the Ukrainian crisis. The European Union banned its producers from exporting to Russia technologies and equipment linked to deep water and Arctic oil exploration and production, as well as to shale-oil projects. The United States also introduced sanctions banning future contracts on supplying Russia with technologies and equipment used for hydrocarbon development. Rosneft has proposed to the country’s government to amend its corporate purchases law or scrap import duties on drilling equipment in the wake of the recent Western sanctions. Moscow stressed that Russia was never involved in the Ukrainian conflict and retaliated with a blanket ban on food imports from the European Union, the United States, Australia, Canada, and Norway. Poster Comment: Little option for Exxon but to drill in an area free of environmental activism, political turmoil, and where wars for Israel have made Americans unpopular. Will allow Russia to have greater Arctic control without US government butting in. Post Comment Private Reply Ignore Thread
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