Exxon Riles U.S., EU by Using Sanctions Loophole Rex Tillerson, the Texas-bred Eagle Scout atop the world’s largest energy company, and Vladimir Putin confidante Igor Sechin, his counterpart at Russia’s state oil company, forged a partnership to tap billions of barrels of crude together in Russia. Now, Big Oil’s power couple are being pushed apart in their boldest venture by U.S. and European Union sanctions imposed yesterday. Last month, Exxon Mobil Corp. and OAO Rosneft started drilling their first Arctic oil well after sanctions were imposed to restrict such exploration. The move exposed a loophole that the governments have now closed. It also irked some competitors and European and U.S. officials who felt Exxon was violating the spirit of the sanctions, even if it was observing the letter of the law, according to people familiar with the discussions. Exxon’s ventures with Rosneft illustrate how the interests of U.S. and European governments and their multinational companies often diverge, complicating diplomacy, trade and investment. In President Putin’s Russia, there is often little distinction between the state and key businesses — especially state-controlled companies including Rosneft, led by Kremlin insiders. The same isn’t true for Irving, Texas-based Exxon, which has pushed ahead with new contracts while keeping a step ahead of [...] ilinnews/exxon-riles-u-s-eu-by-using-sanctions-loophole/
Posted on: Sat, 13 Sep 2014 22:15:51 +0000
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