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ExxonMobil says will quit Sakhalin-1 project

The company will not invest in new developments in Russia, the statement says

MOSCOW, March 2. /TASS/. The US natural gas company ExxonMobil has announced its withdrawal from the Sakhalin-1 oil and gas project over the situation in Ukraine.

"In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture," the company said in a statement on its website.

"Given the current situation, ExxonMobil will not invest in new developments in Russia," the statement said.

Sakhalin-1 is one of the largest oil and gas projects with direct foreign investment being implemented in Russia. Exxon Neftegas Limited, a subsidiary of ExxonMobil, is the operator of the project.