Exxon Asks for Treasury Dept. Waiver to Drill in Black Sea with Russian Oil Company


Apr 20, 2017

Oil giant ExxonMobil is pursuing a waiver in order to drill in the Black Sea as part of a joint venture with the Russian state oil company Rosneft. The waiver would allow Exxon to circumvent U.S. Treasury Department sanctions imposed on Russia over its annexation of Crimea. The State Department, headed by longtime ExxonMobil CEO Rex Tillerson, is one of the U.S. agencies that would have to approve the waiver—meaning the current CEO of Exxon will be asking an agency headed by the former CEO of Exxon for permission to drill. The State Department says Tillerson has recused himself from matters involving Exxon for two years. ExxonMobil claims it could lose its contract to drill in the Black Sea if it doesn’t begin operations by the end of this year.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s