Exxon to end Russia joint ventures

[Stephen + 67]

Oil exploration project between Exxon Mobil and a Russian government-owned oil company Rosneft will be abandoned by Exxon after United States government sanctions prevented the venture from expanding and waivers for the project were denied. The deal was announced by Exxon in 2013, with then-CEO Rex Tillerson praising the effort to drill in the icy Kara Sea, to Russia's north.

Fun Fact: In 2017 the Treasury Department announced today that it has fined Exxon Mobil $2 million for violating Ukraine-related sanctions against Russia while Secretary of State Rex Tillerson was CEO.

[李伟王芳 + 77]

It is the only reason why he was made Secretary of State in a first place, and the reason why every trump member was talking to Russian spies before the elections about lifting the sanctions. A half trillion in oil, and Rosneft needs Exxon tech to get to it.

[Meanwhile + 49]

The problem is that Russia is reverse engineering all of that technology and it is happening a lot faster than most people realize. So in the end the western companies oil and gas companies will get left with zero. I'm not sure what answer is, but sanctions are not working

[Joanna + 68]

Oil companies, or any corporation for that matter, don't cease operations because they think it's the morally right thing to do. They do it because it ain't making them any money anymore.

[李伟王芳 + 77]

Countdown to Tillerson quitting begins... now...With a tempo people are leaving WH or getting fired, he is already veteran 

[JohnAtronis + 78]

Why does it feel that sanctions hurt us more than Russia. Exxon contributed a lot of $ in its Rosneft partnership to explore for oil in the Kara Sea and made a big discovery. The value of the prospect went way up after the discovery. Exxon was forced to pull out of the partnership because of the sanctions, and lost its investments.