Exxon Mobil Corp. said it is abandoning joint ventures with Russia's Rosneft PJSC after international sanctions against the nation's energy sector paralyzed a historic drilling project.
Exxon's decision to quit its biggest exploration region was made late last year as the US expanded its sanctions, the company said in a 10-k filing on Wednesday. "The corporation expects it will formally initiate the withdrawal in 2018," Exxon said.
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