The government approved the rules for auditing foreigners on Sakhalin-1
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The Russian government has approved the rules for auditing the activities of foreign entities in the framework of the Sakhalin-1 oil and gas project. Decree published on the official Internet portal of legal information.
According to the document, the Ministry of Finance will conduct a financial audit, Rostechnadzor – technological, Rosprirodnadzor – environmental. If necessary, “interested federal executive bodies” will be involved in the audit.
The audit is carried out within 60 days from the date of entry into force of the government decision on the approval of the persons in respect of whose activities it is carried out. The audit report will be executed by the Ministry of Energy.
On October 7, Russian President Vladimir Putin signed a decree on the creation of the Russian operator Sakhalin-1, which will receive all the rights and obligations of the former operator Exxon Neftegas Limited, a subsidiary of the American oil company ExxonMobil, which owned 30% of the project.
At the same time, Vladimir Putin instructed the government to audit the work of foreigners in Sakhalin-1 and establish the amount of damage from the project’s downtime. Based on the results of the audit, according to the presidential decree, it is necessary to determine who will compensate for the damage. Funds from the sale of a stake in the new operator will be transferred to a foreign participant, minus damage.
Against the backdrop of the military operation in Ukraine, ExxonMobil refused to ship oil to Sovcomflot tankers, due to which production stopped completely in May. On October 17, the company announced its withdrawal from Russia. Rosneft (20%), Japanese Sodeco (30%), Indian ONGC Videsh (20%) remained in the project.
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