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Reuters

Business

By Sabrina Valle

Putin orders seizure of Exxon-led Sakhalin 1 oil and gas project

Tass Russia Vladimir Putin Oil

FILE PHOTO: An aerial view shows the Yastreb land rig at Sakhalin-1's Chaivo field, some 1,000 km north of Yuzhno Sakhalinsk, October 10, 2006. REUTERS/Sergei Karpukhin/File Photo

Russian President Vladimir Putin signed a decree on Friday that establishes a new operator for the Exxon Mobil Corp-led Sakhalin-1 oil and gas project in Russia's Far East.

Putin's move affecting Exxon's largest investment in Russia mimics a strategy he used to seize control of other energy properties in the country.

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