Exxon Mobil Corp (XOM.N) has applied to the Treasury Department for a waiver from U.S. sanctions on Russia as the oil major looks to resume its joint venture with Rosneft (ROSN.MM), the Wall Street Journal reported on Wednesday.Exxon has been seeking permission from the United States to drill with the Russian state-owned Rosneft in certain banned areas and applied in recent months for a waiver to proceed in the Black Sea, the newspaper reported, citing people familiar with the matter. (on.wsj.com/2osAxzB)
The company wound down drilling in Russia's Arctic in 2014 in the face of U.S. sanctions targeting cooperation between Western companies and Moscow's oil sector.Exxon and Rosneft in 2012 unveiled an offshore exploration partnership that could invest upward of $500 billion in developing Russia's vast energy reserves in the Arctic and Black Sea.
Economic sanctions were imposed on Russia following its annexation of the Crimea region in 2014 and its alleged role in the conflict in eastern Ukraine.
Relations between Russia and the U.S. President Donald Trump have dimmed in recent times. There has also been pressure from Trump's fellow Republicans in Congress and European allies anxious over any sign that the president might prematurely ease sanctions imposed on Russia.Rex Tillerson, Exxon's former chief executive, was named as U.S. Secretary of State in February, despite concerns about his ties to Russia. (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Updated Date: Apr 20, 2017 00:30 AM