Exxon Mobil Corporation (XOM) Started Drilling in Russia’s Arctic with Rosneft

Exxon Mobil Corporation (NYSE:XOM) started drilling in Russia’s Arctic with its Russian partner Rosneft on Saturday. The Russian President, Vladimir Putin, has appreciated the move and considered it as an excellent example of cooperation.

According to Vladimir Putin, “Today, commercial success is driven by efficient international cooperation. Businesses, including Russian and foreign companies, perfectly realize that and despite certain current political difficulties, pragmatism and common sense prevail, and we are pleased to hear that.”

XOM

In addition to it, Vladimir Putin also cited the importance of commercial cooperation between Rosneft, Exxon Mobil Corporation (NYSE:XOM),and other companies for their respective national economies.

The lead manager of Exxon Mobil Corporation (NYSE:XOM) in Russia, Glen Waller, said, “Our cooperation is a long-term one. We see big benefits here and are ready to work here with your agreement.”

For the past several weeks, both European and the United States governments have imposed several bans including visa bans for officials and executives close to the Russian President along with asset freezes. The primary reason behind these sanctions is the role of Russian government in the Ukrainian crisis, as claimed by both the governments. Russian government has responded in a similar manner by imposing food import bans on the United States, Australia, Norway, Canada, and the European Union.

Exxon Mobil Corporation (NYSE:XOM) is among the biggest U.S. oil producers and it works worldwide in crude oil and natural gas projects. Exxon Mobil also produces petrochemicals including aromatics, polypropylene plastics, olefins, and similar specialty products. The company is also involved in the sale and transport of crude oil, petroleum products, and natural gas. Exxon Mobile has a current market cap of $428.28 Billion and it has over 75,000 employees worldwide.

 

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This article has been written by Prakash Pandey and edited by Serkan Ünal.

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