October 23, 2018 / 1:16 PM / 22 days ago

Russia details conditions of 2017 settlement with Exxon on Sakhalin-1 - Interfax

MOSCOW, Oct 23 (Reuters) - Russia's government has disclosed conditions of an out-of-court settlement signed in 2017 between Russia's finance ministry, the Russian subsidiary of U.S. oil major Exxonmobil and other members of Russia's Sakhalin-1 oil and gas project, Interfax news agency reported on Tuesday.

The conditions stipulate Sakhalin-1 members paying a tax of 35 percent of their profit, while Russia extends the production rights for Sakhalin-1's production sharing contract until 2051, Interfax said, citing a government report. (Reporting by Polina Devitt; writing by Polina Nikolskaya; editing by David Evans)

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