Rosneft Faces Arbitration From ExxonMobil Over $1.4B Claim

By Caroline Simson (August 6, 2018, 8:29 PM EDT) -- An ExxonMobil subsidiary has reinstated arbitration to fend off a nearly $1.4 billion claim filed in a Russian court by the majority state-owned energy company Rosneft, which stems from a dispute relating to a large-scale offshore oil project, according to a Friday statement.

Exxon Neftegas Ltd. reinitiated the International Chamber of Commerce arbitration it had initially kicked off in April on July 13, the same day that Rosneft filed its lawsuit in the Russian court, according to the Indian state-owned Oil and Natural Gas Corp.

Exxon Neftegas operates the Sakhalin-1 project, a large-scale oil project located off Russia's southeastern coast, as...

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