REX TILLERSON’S “EX”, EXXON-MOBIL, DUSTED-OFF ITS WAIVER TO DRILL IN RUSSIA

The Russian economy remains in a shambles as the West’s economic sanctions,  imposed after the invasion of Crimea in 2014, continue to serve their intended purpose.  Obviously the drop in global oil prices, by 50% over the past few years, didn’t help Russia either.  Economic, as well as political concerns certainly led to protests marches throughout Russia.   That’s where Exxon-Mobil may come in handy–at least, on the economic front.

Some 45 % of Russian Energy production is exported, and that provides 70% of Russia’s overall  earnings.  Prior to the section imposition, Exxon-Mobil had intended to transfer state-of-the-art drilling technology, for use in both the Arctic Ocean and the Black Sea.  Exxon had applied for a sanctions waiver, from the U. S. Treasury, during the Obama Administration.  The company, however, has raised the issue again.

As the very recent Chairman and CEO of Exxon-Mobil, current Secretary of State, Rex Tillerson, had been very much in favor of providing the drilling waiver.   Although any decision now will be made by the treasury Department, and he supposedly has recused himself, there will always be the suspicion–rightfully or not–than he had plan a finger ion the sale.  Remember that, when he left Exxon-Mobil, he obviously receivers an extremely lucrative severance package.

 

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