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ExxonMobil’s role within Russia

Financial Times: ExxonMobil’s role within Russia

By Tom Cirigliano

Published: August 10 2004

From Mr Tom Cirigliano.

Sir, While your Comment & Analysis article of August 5 keenly addresses the importance Russia plays on the international oil scene, I am concerned that the reference to the fact that “analysts say that ExxonMobil . . . has a relatively small presence in Russia” leaves your readers with a wrong impression of ExxonMobil’s truly significant investment in the country. ExxonMobil is one of the largest investors in Russia as operator of the $12bn-plus Sakhalin 1 Project. The fact that Shell’s smaller Sakhalin 2 project is mentioned in the article adds to this impression.

More than 5bn oil-equivalent barrels are expected to be produced from the multi-phase Sakhalin 1 development, with first oil expected as early as next year.

Tom Cirigliano, Media Relations Manager, Exxon Mobil Corporation, Irving, TX 75039, US

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