Putin Sees No Need To Sanction West, May Review Energy Ties

Posted by Joseph R. Fonseca
Tuesday, April 29, 2014
Vladimir Putin

 

Russian President Vladimir Putin said on Tuesday that Moscow saw no need for counter sanctions against the West, but could reconsider the participation of Western companies in its economy, including energy projects.

"We would very much wish not to resort to any measures in response. I hope we won't get to that point," he told reporters after meeting with the leaders of Belarus and Kazakhstan.

"But if something like that continues, we will of course have to think about who is working in the key sectors of the Russian economy, including the energy sector, and how."

The United States on Monday unveiled a new round of sanctions aimed at business leaders and companies close to Putin, while the European Union followed up on Tuesday by naming 15 Russians and Ukrainians to its blacklist, moving to freeze assets and deny visas.

"Regarding the second package, it's not clear at all what this is linked to, because there is no cause and effect link with what is happening now in Ukraine and Russia," he said.

 

SIGNIFICANT TIES

Though some Western oil companies left Russia in recent years because of a difficult business climate, U.S. companies Exxon Mobil and Chevron Corp, along with British major BP, have significant ties there.

Igor Sechin, the head of state-controlled Rosneft, was named in the latest U.S. sanctions, though not his company, in which BP holds an 18.5 percent stake.

In Russia, Exxon Mobil's net acreage holdings in Sakhalin at the end of 2013 totaled 85,000 acres, all offshore, and its net acreage in the Rosneft joint venture agreements for the Kara and Black Seas was 11.3 million acres. The two companies also have a joint venture to evaluate the development of tight-oil reserves in western Siberia.

In the United States, Rosneft unit Neftegaz in March 2013 bought a 30 percent stake in 20 deepwater exploration blocks held by Exxon in the U.S. Gulf of Mexico.

Exxon Mobil declined to comment on Putin's latest comments on Tuesday.

Meanwhile, Chevron Corp owns a 15 percent stake in the Caspian Pipeline Consortium, which transports crude oil from Kazakhstan through Russia to the Black Sea. The company also sells lubricants in Russia used in engines for ships and agricultural equipment.

Chevron declined to comment on Putin's latest statements, but said it was monitoring the region closely.

Putin reiterated his accusations that the United States was orchestrating the Ukraine crisis and urged Kiev and pro-Russia protesters to respect the Geneva agreements, reached on April 17 and intended to defuse the crisis, and sit down at the negotiation table.

The United States and European Union accuse Moscow of orchestrating an uprising of pro-Russian separatists in southeastern Ukraine. The crisis has brought relations between the West and Russia to their lowest since the end of the Cold War.

(Reporting by Darya Korsunskaya, Anna Driver and Ernest Scheyder; Writing by Alexei Anishchuk; editing by G Crosse, Nigel Stephenson and Terry Wade)

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Rig Moves: Mobilized for Performance

The operation of an oil field involves moving rigs or jackups in a maneuver referred to as a rig move. These complex operations require experience and the coordination of all stakeholders.

FPSO Trio Receives Side Shell Protection

SPS Overlay has yet again been used for side impact protection on three FPSOs for a major player in the offshore industry. The work was carried out at Enseada do Paraguaçu S.

INTERTANKO Launches ECA Bunker Surcharge Clauses

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA).   Rising bunker prices due to rising oil prices and

News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

People in the News

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

Obama Urged to Help Resolve Port Negotiations

In a letter today to President Barack Obama, the American Association of Port Authorities (AAPA) urged the president to take the necessary steps to assign federal

USCG Commandant to Address PVA Convention

Commandant of the U.S. Coast Guard Admiral Paul F. Zukunft will attend the PVA Annual Convention at MariTrends 2015 in Long Beach, Calif. and deliver a keynote

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1559 sec (6 req/sec)