UPDATE: Russian govt, ExxonMobil sign amicable deal on Sakhalin-1

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MOSCOW, Sep 14 (PRIME) -- The Russian government and the U.S. company ExxonMobil have signed an amicable agreement in a tax dispute over the Sakhalin-1 oil and gas project, the Finance Ministry said on Thursday.

“On September 12, an amicable agreement was signed between Russia and ExxonMobil company as part of court proceedings on a lawsuit seeking to recover money on a production sharing agreement on the Sakhalin-1 project. The sides have reached a mutually beneficial compromise,” the statement said.

ExxonMobil submitted a claim to the Stockholm Arbitration Court in 2015 to return a part of taxes paid to Russia on the project. Earlier in September, Russian President Vladimir Putin said that the government had agreed with ExxonMobil on solving disputed issues on the Sakhalin-1 project.

ExxonMobil is the project’s operator and holds 30%, Russia’s Rosneft has 20%, Japan’s Sodeco holds 30%, and India’s ONGC owns 20%.

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