March 1, 2018 / 7:15 AM / 19 days ago

Russia's Rosneft says Exxon to incur serious losses due to JV exit

MOSCOW, March 1 (Reuters) - Russian energy giant Rosneft said on Thursday that U.S. oil major ExxonMobil would incur serious losses because of its decision to quit some joint ventures with Rosneft.

Exxon said earlier on Wednesday it would exit the joint, citing U.S. and European Union sanctions first imposed in 2014.

Rosneft spokesman Mikhail Leontyev said Exxon had been forced to take what he called a predictable decision, but said the move would not affect the Sakhalin-1 joint venture in Russia’s Far East.

“It (Exxon) will suffer serious losses as a result of this (decision),” said Leontyev. (Reporting by Olesya Astakhova; writing by Vladimir Soldatkin Editing by Andrew Osborn)

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