This is a temporary backup site for TRENDS MENA while our primary website is being restored following a regional disruption affecting AWS cloud infrastructure in the GCC.

Search Site

VideosInforgraphics
Sign inSubscribe

Company News, Business

AD Ports Group 2024 net profit $484m

The Group's revenue increased 48 percent year-on-year.

TAQA net income $1.93bn in 2024

The company's revenues increased 6.7 percent year-on-year.

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

ExxonMobil out of Russia

March 2, 2022 11:07 am
  • The US oil giant deplored Russia's action in Ukraine and underlined that it will no longer invest in Russian projects
  • ExxonMobil had earlier pulled out two joint ventures during the previous round of sanctions against Russia

US oil giant ExxonMobil announced on Tuesday it will begin a phased withdrawal from the major oil field it operates in Russia on behalf of a consortium including Russian, Indian and Japanese companies, citing Moscow’s invasion of Ukraine.

“In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture,” the group said in a statement.

The group added that it deplores Moscow’s actions in Ukraine and stressed it will no longer invest in new projects in Russia.

“We are deeply saddened by the loss of innocent lives and support the strong international response,” the statement added.

ExxonMobil’s move follows a decision by British energy group BP and Shell to pull out of joint projects in Russia.

France’s TotalEnergies said it would stay in Russia, but refrain from investing more money there.

ExxonMobil stressed that “the process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers in order to ensure it is executed safely”.

Sakhalin-1 was the group’s only major project in Russia after it pulled out of two joint ventures during the previous round of sanctions against Russia following its annexation of Crimea in 2014.

According to a recent website post, ExxonMobil has offices in Moscow and St Petersburg with some 1,000 employees there.

Most Read