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ExxonMobil And Rosneft Sign Declaration On Russian Arctic Shelf Environmental Protection

Stocks in this article: XOM

ExxonMobil and Rosneft today signed a Declaration on Protection of the Environment and Biodiversity for Oil and Gas Exploration and Development on the Russian Arctic Continental Shelf.

The declaration was signed during a meeting between Igor Sechin, president and chairman of the management board of Rosneft, and Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation (NYSE:XOM), and senior managers from both organizations.

The declaration sets out measures to help protect the Arctic’s ecosystems during oil and gas exploration and development activities to be undertaken by Rosneft and its partners.

Commenting on the signing, Sechin said, “Rosneft and ExxonMobil have worked together effectively for quite a long time. I am grateful to Rex Tillerson for the decision to join the initiative.”

Tillerson said, “We seek to manage the impact on the environment wherever we operate through continuous improvements in technology and operational procedures. We support Rosneft’s initiative and will work with them and other industry representatives to protect the environment in the Russian Arctic.”

The parties have agreed to form a joint working group to consider establishing a coordination center that may include representatives of Roskosmos, the Ministry of Transport of the Russian Federation and the Ministry of the Russian Federation for Civil Defense, Emergencies and Elimination of Consequences of Natural Disasters. The coordination center would coordinate activities to protect biodiversity including observing principles and recommendations of the Convention on Biological Diversity and the standards set by IPIECA, the global oil and gas industry association for environmental and social issues.

CAUTIONARY NOTE:

Statements that reference future events or conditions in this press release are forward-looking statements. In the future, the actual results, including project plans, costs and benefits and production volumes realized by the parties as a result of this agreement, may differ significantly from the forecasts, depending on the actions of governmental authorities or regulatory agencies, including possible changes in the law; the results of exploration programs; changes in oil or gas prices and other market or economic factors that affect the petroleum industry; the development of new technologies; other technical and operational factors; the actions of competitors, and other factors listed under the heading “Factors Affecting Future Results” on the Investor page at the ExxonMobil website at www.exxonmobil.com. Additional information about Rosneft is available on its website at www.rosneft.com.

About ExxonMobil

ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world. Follow ExxonMobil on Twitter at www.twitter.com/exxonmobil.



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