Royal Dutch Shell Plc  .com Rotating Header Image

InsuranceNews.net: Occidental Pete set to exit Russia

Los Angeles oil giant Occidental Petroleum Corp. said Thursday, Jan. 11, it agreed to sell its 50% stake in the Vanyoganneft joint venture in western Siberia to Russian-British oil company OAOTNK-BP Holding for $485 million. Occidental expects to book a $400 million gain on the sale in the first quarter.

Some non-Russian companies have been pulling out of Russia because of a difficult political environment.

In late December, Royal Dutch Shell plc sold its majority stake in the $22 billion Sakhalin-2 oil and gas project to government-controlled OAOGazprom for $7.4 billion, which many considered a low price. — Claire Poole

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Comment Rules

  • Please show respect to the opinions of others no matter how seemingly far-fetched.
  • Abusive, foul language, and/or divisive comments may be deleted without notice.
  • Each blog member is allowed limited comments, as displayed above the comment box.
  • Comments must be limited to the number of words displayed above the comment box.
  • Please limit one comment after any comment posted per post.