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PM rules to sign amicable deal with ExxonMobil on Sakhalin-1

September 14, 2017/ 14:40

Mowcow. Russian Prime Minister Dmitry Medvedev has ordered the government to sign an amicable agreement with the U.S.’ ExxonMobil in a tax dispute over the Sakhalin-1 oil and gas project, according to a relevant ruling. The government has ordered Finance Minister Anton Siluanov to sign the deal.

“To agree with the Russian Finance Ministry’s proposal to sign an amicable agreement on court proceedings under a lawsuit of Exxon Neftegas Limited seeking to recover money on a production sharing agreement on the Sakhalin-1 project filed to the Arbitration Institute of the Stockholm Chamber of Commerce,” the ruling said.

ExxonMobil submitted a claim to the Stockholm Arbitration Court in 2015 to return a part of taxes paid to Russia on the project. Earlier in September, Russian President Vladimir Putin said that the government had agreed with ExxonMobil on solving disputed issues on the Sakhalin-1 project.

ExxonMobil is the project’s operator and holds 30%, Russia’s Rosneft has 20%, Japan’s Sodeco holds 30%, and India’s ONGC owns 20%.

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