Posted on 01/31/2004 2:43:42 PM PST by Lessismore
MOSCOW - American companies Exxon Mobil and ChevronTexaco business interests have suffered from actions of Russian government, as they have been deprived of their rights for development of oil fields in Sakhalin. Despite earlier statements, the results of the bid for Sakhalin-3 project development were annulled by commission on product sharing agreements. This was announced by deputy premier Viktor Christenko today. He said the right to develop the project would be sold by auction, but experts foresee the possibility of Sakhalin-3 project inclusion into integrated program of East Siberia and Far East oil fields development, which is coordinated by Gazprom.
ExxonMobil and ChevronTexaco have been seeking for the rights to develop Sakhalin-3 project since 1993, when they won the bid for its development, but this was not registered officially. Since that time, according to company estimates, ExxonMobil together with ChevronTexaco have invested about sixty million dollars into the project. ExxonMobil intends to defend its rights, company representative said, giving no detail on how exactly, Kommersant reports.
According to Viktor Christenko, the investment will be refunded or accounted to if companies decide to bid in a new auction. The companies give no comments on their intentions in regards with new auction. Experts believe that this is possible, taking in consideration their economically interested motives.
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