ExxonMobil terminates LNG project in Russia following Western sanctions

ExxonMobil terminates LNG project in Russia following Western sanctions

ExxonMobil (XOM) has halted work on a liquefied natural gas project in Russia’s Far East after the company revealed plans to leave the country in the wake of Western sanctions.

Due to sanctions on Russia over Ukraine, ExxonMobil announced last month that it would depart its $4 billion worth of Russian oil and gas businesses and suspend further investment.

Exxon will no longer manage big oil and gas production operations on Sakhalin Island in Russia’s Far East, putting the fate of a projected multibillion-dollar LNG complex on the island in jeopardy.

Exxon had intended to construct the Far East LNG (LNGLF) plant, which would have a capacity of over 6 million tonnes per year.

Greensill supply chain finance funds (SCFF) litigation could take up to five years, according to Credit Suisse (CSGN), and some investors may not be able to recoup their money.

Last year, Credit Suisse suffered a $1.73 billion loss due to the collapse of an investment vehicle.

To collect claims against individual creditors and insurance companies, it is likely that litigation will be required, which might take up to five years.

It’s safe to expect that the Virtuoso Fund and the Large Income Group will lose money. Greensill also received a $140 million loan from Credit Suisse’s investment banking division.

The stock of drugmaker Roche (RO) climbed 1.5 percent after the US Food and Medicine Administration gave its drug for treating COVID in hospitalized patients priority assessment.

The chip shortfall is projected to have an impact on output in the second quarter, according to Volvo.

Volvo Cars reported on Monday that car sales in March decreased 22% to 58,677 vehicles due to a scarcity of a specific semiconductor.

The DAX in Germany fell 0.6 percent, while the FTSE 100 in the United Kingdom rose 0.1 percent.

European stock markets were mostly lower on Monday, aided by a positive tone from Asia but concerns about more sanctions on Russia.

Crude oil futures in the United States rose 1% to $100.30 a barrel.

More at: FXreviewtrading.com

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