Page 121 - RusRPTNov22

value for that crude in the form of refined products sold on the Italian market rather than having to accept a significant discount to Brent crude. From December 5, however, the company will have to source non-Russian crude for the plant and find alternative outlets for perhaps 20% of its Urals exports that have been going to Sicily. Per the article, the Swiss successor to Litasco will handle the sourcing non-Russian crude for European refining, while the new Middle East trading arm will market Urals to that region and elsewhere.
● Other
American oil giant ExxonMobil has completed its exit from the Russian market after President Vladimir Putin ordered the expropriation of its assets, the company said on October 18. ExxonMobil had been in negotiations with the Russian authorities to sell its more than $4bn in assets — including its largest Russian investment, a 30% stake in the Sakhalin-1 oilfield in the Russian Far East — since March. Sakhalin-1’s foreign investors will have one month to apply for shares in the new entity operated by state-run oil giant Rosneft. The Exxon spokesperson did not say whether the company had received compensation for its assets, nor did they comment on whether the company would seek to challenge the seizure through international courts. ExxonMobil had reduced its output on Sakhalin-1 by July, limiting volumes to the amount needed to sustain Khabarovsk and Vladivostok, the two largest cities in Russia’s Far East.
Shell expects the sale of Russia’s share of 27.5% in the new operator of the Sakhalin-2 project, the Sakhalinskaya Energiya company, to be completed in Q1 2023, the oil and gas company said in its quarterly financial report. Shell holds a 27.5% (minus one share) interest in Sakhalin-2. Russian Deputy Prime Minister Alexander Novak said earlier the new shareholder of the Sakhalin-2 project replacing Shell would be defined by the end of the year. Novatek showed interest in the project earlier.
9.2.2 Automotive corporate news
US car giant Ford Motor has left the Russian market by selling its 49% stake in Sollers Ford – a joint venture with local car producer Sollers – to its Russian partner, who previously owned 51% in the joint venture, the company said in a statement on Wednesday. Ford plans to sell the shares at the face value, and the deal encompasses a 5-year buyback option if the global situation changes, the company said. A Sollers representative confirmed that the buyback of the stake had taken place.
Car producer Nissan will sell its Russian assets to Central Scientific Research Automobile and Automotive Engines Institute (NAMI) of the
121 RUSSIA Country Report November 2022 www.intellinews.com