- Exxon Mobil Corp (NYSE:XOM) suspended its liquefied natural gas project in Russia's Far East following Western sanctions, Reuters reports.
- Exxon would pull out of managing extensive oil and gas production facilities on Sakhalin Island in Russia's Far East, putting the proposed multi-billion dollar LNG facility there in doubt.
- Also Read: Here's Why BP And Exxon Mobil Shares Are Rising
- Exxon had aimed to build the Far East Liquefied Natural Gas (LNG) project with an annual capacity of more than 6 million tonnes as part of the Sakhalin-1 consortium led by Russian energy giant Rosneft Oil Co (OTC:OJSCY).
- Previously, ExxonMobil looked to exit its Russian oil and gas operations, worth over $4 billion, and halt new investment due to sanctions on Russia over Ukraine.
- Russia expressed its disappointment with Exxon's move.
- Price Action: XOM shares closed higher by 0.63% at $83.11 on Friday.
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