Exxon’s Former Russian Oil Project Is Ramping Up Flows Again
- Two ships recently loaded Sokol for first time in five months
- Some discounted cargoes offered to Chinese buyers, traders say
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Oil exports from Sakhalin-1 are ramping up after Russia took control of the project in the nation’s Far East from Exxon Mobil Corp., which had pledged to exit the country following the invasion of Ukraine.
Two tankers recently loaded Sokol crude from the De-Kastri terminal and both vessels have signaled Yeosu in South Korea as their destination, marking the first exports from the project in five months, according to data compiled by Bloomberg. Russia’s Rosneft PJSC had issued a tender that closed last week to sell six prompt cargoes, mostly for November loading, said traders.