Exxon extends partnership with Rosneft, despite tensions

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (XOM -0.2%) is deepening its ties with Russia despite western unhappiness over the country's actions in Ukraine, today signing a pact with Rosneft (RNFTF) to team up for drilling in the Arctic and Siberia and liquefying natural gas for export in Russia’s Far East.

XOM is among U.S. oil producers that ignored State Department pressure to skip the International Economic Forum this week in St. Petersburg, betting the Ukraine crisis eventually blows over.

U.S. and European energy producers hold equity partnerships in Russian oil and gas worth at least $30B, led by BP’s near 20% stake in Rosneft, Total's stake in gas producer Novatek and a gas project operated by Royal Dutch Shell.