Exxon quits some Russian joint ventures citing sanctions

Business News
February 28, 2018 / 5 months ago
Exxon quits some Russian joint ventures citing sanctions
Ernest Scheyder, Vladimir Soldatkin


HOUSTON/MOSCOW (Reuters)

Exxon Mobil Corp (XOM.N) will exit some joint ventures with Russia’s Rosneft (ROSN.MM), citing Western sanctions first imposed in 2014, in a move that the Russian company said would result in serious losses for its U.S. partner.

The decision is an about-face for Exxon, which had opposed the sanctions over Russia’s invasion of Crimea and argued they unfairly penalized U.S. companies while allowing foreign energy rivals to operate in the country, the world’s largest oil producer.

The sanctions slowed work on a project by Exxon and Rosneft on what was hailed as a major discovery in the Kara Sea above the Arctic Circle.

 

Exxon’s exit will not affect the Sakhalin project off the eastern coast of Russia, Exxon and Rosneft spokesmen said.

Sakhalin-1 operates under a Production Sharing Agreement struck in the mid-1990s and currently produces around 200,000 barrels of oil per day.

The joint ventures were reached when U.S. Secretary of State Rex Tillerson was Exxon’s chief executive.n


Tillerson has taken a hard line on Russia as secretary of state, in contrast to his position while at Exxon. 

Tillerson has said U.S. sanctions imposed for Russia’s 2014 annexation of Crimea would remain in place until Crimea is returned to Ukraine.

He has accused Moscow of imposing its will on other nations by force and employing disinformation and cyber attacks to subvert Western democracies.


In 2012, Exxon and Rosneft detailed an exploration partnership with plans to invest as much as $500 billion in developing Russia’s Arctic and Black Sea oil reserves.
 

Rosneft said that resources at the projects, from which Exxon decided to withdraw, total 12.3 billion tonnes of oil and gas condensate as well as 15.2 trillion cubic meters of gas.

Exxon said in a financial filing on Wednesday that it recorded a fourth quarter after-tax loss of $200 million due to the withdrawal plan.
    Exxon wound down drilling in Russia’s Arctic in 2014 after the sanctions were imposed. 
 

Reporting by Ernest Scheyder in Houston and Vladimir Soldatkin.

Humans toss 28 billion pounds of plastic into the oceans each year

Mike Hudema‏Verified account @MikeHudema Jun 17

Humans toss 28 billion pounds of plastic into the oceans each year. That needs to stop:

https://buff.ly/2xPe7m4 

  RT if you agree. #SaveOurOceans #BanPlastic #Useless #Wasteless #EndOcean plastic.

International buyers appear to be souring on the U.S. housing market.

After strong interest for several years, international buyers appear to be souring on the U.S. housing market.

CNBC‏Verified account @CNBC

International buyers are dropping out of US housing market

• The dollar volume of U.S. home sales to international buyers between April 2017 to March 2018 dropped 21 percent compared with the previous 12-month period, according to the National Association of Realtors.
• Buyers from China, Canada, India, Mexico and the United Kingdom accounted for nearly half of the dollar volume of sales to international buyers.
• Sales to Canadian buyers fell by 45 percent.
  
  Diana Olick | @DianaOlick Published 14 Hours Ago Updated 12 Hours Ago CNBC.com
  
  
  After strong interest for several years, international buyers appear to be souring on the U.S. housing market.
  
  The dollar volume of U.S. home sales to international buyers between April 2017 and March 2018 dropped 21 percent compared with the year-ago period, according to the National Association of Realtors.
  
  Of the $121 billion in sales to international buyers, those currently living in the U.S purchased $67.9 billion in properties, while nonresident foreigners purchased $53 billion, both marking a drop from the previous year. Foreign buyers accounted for 8 percent of the $1.6 trillion in existing home sales, a drop from 10 percent the previous year.

While high home prices and inventory shortages are clearly playing some role in the drop. Competition from domestic buyers, whose demand is increasing sharply, may also be a deterrent. And the current political climate in the U.S. also should not be overlooked.
"The decline is partly coming off high levels of the prior year, but also surely from the strong rhetoric coming out of Washington against foreigners," said Lawrence Yun, chief economist for the Realtors. "There has been a large drop-off in foreign students attending U.S. universities already. Chinese [buyers], in particular, purchase homes for their kids while attending college."

How to win a bidding war  

China still leads the pack for international buyers, as it has for six straight years, accounting for 15 percent of international sales. Chinese buyers also purchased the most expensive homes, with a median price of $439,100.

Canada came in second, with a 10 percent share of international sales, but the Canadians' dollar volume dropped by 45 percent compared to the previous year. Not only are Canadians buying fewer U.S. properties, they are buying cheaper U.S. properties. The median price for Canadian buyers was $292,000.

"The market here is softer, and I imagine that's why there are perhaps less Canadian buyers," said Elli Davis, a real estate agent based in Toronto. "That does surprise me, though, as I still know lots of people buying mostly in Florida!"

Buyers from China, Canada, India, Mexico and the United Kingdom accounted for nearly half of the dollar volume of sales to international buyers. Canadian buyers had been the market leaders by far during the U.S. recession. They dropped back significantly as U.S. home prices recovered, Chinese buying increased and U.S. investor purchases climbed.

"Inventory shortages continue to drive up prices and sustained job creation and historically low interest rates mean that foreign buyers are now competing with domestic residents for the same, limited supply of homes," Yun said.

High prices could certainly be a deterrent for buyers in Southern California. Chinese buyers have been very strong in the single-family market there, as they plan for their children to attend area universities. Irvine, especially, saw huge demand from Chinese buyers, particularly in newly built communities, with larger, multigenerational homes that they favor.

For international investors who are looking for condominiums in large cities as an investment, the supply theory doesn't really hold.

"I don't think it's the supply issue because these buyers are buying in the higher end and there is more supply there, particularly in the gateway cities like Miami and New York," said Sam Khater, chief economist at Freddie Mac. "It could be just that their appetite for U.S. real estate is waning."



Source: https://www.cnbc.com/2018/07/24/southern-california-home-sales-crash-a-warning-sign-to-the-nation.html?recirc=taboolainternal

How to win a bidding war when buying a home from CNBC.

Southern California home sales crash, a warning sign to the nation

Link: https://cnb.cx/2uIeZVB

Trump tells his followers what to think

Don’t let Congress gut the Endangered Species Act

Teabar.com

@MAHAMOSA

 

 

 

 

 

Don’t let Congress gut the Endangered Species Act

 Help save our country's most imperiled wildlife and wild places by opposing any efforts by Congress to dismantle the Endangered Species Act. Take action:

 

 

 NRDC 🌎‏Verified account @NRDC

Many Americans will visit coastal national parks this summer. But a report by NRDC and the @NPCA shows that if the Trump admin. follows through on their offshore drilling plans, 68 coastal national parks could be at risk of an oil spill. 

Take action: https://on.nrdc.org/2CxImf3 

 

 

 

 

 

Rainforest Trust‏Verified account @RainforestTrust

Help us kick off #SharkWeek2018 by donating to our Costa Rican Shark Sanctuary today! https://buff.ly/2IHD8og

 

 

 

 

 

 

 

 

 

 

 

 

.Justin Trudeau: “Remember It's Not An Investment If It's Destroying the Planet"

.@JustinTrudeau 

“Remember It's Not An Investment If It's Destroying the Planet" ~Vandana Shiva. 

RT if you want panels not pipelines. #Climate #Energy #cdnpoli #bcpoli #NoKXL #StopKM #WaterIsLife #JustinCrudeau

Another Balloon and a Michael Avenatti Speech

This Trump Chicken Balloon in a Prison Outfit is about to set sail and float off of Alcatraz Prison. I can not like this enough!

  Brian Krassenstein‏ @krassenstein

Oxford Union Library Retweeted

 

Oxford Union Library Retweeted

In Our Time‏ @BBCInOurTime Jul 2

This week: "Have nothing in your house that you do not know to be useful, or believe to be beautiful"

the ideas of William Morris https://bbc.in/2KoT1kh

This week: 

"Have nothing in your house that you do not know to be useful, or believe to be beautiful"

the ideas of William Morris https://bbc.in/2KoT1kh  

“Donald Trump is hoping that people like us don’t see the connection between our own ancestors and the immigrants arriving today...And so I want to say as plainly as I can: These are our people, too.” 

My speech last night at @publicjustice. #TheseAreMyPeopleToo

Michael Avenatti‏Verified account @MichaelAvenatti Jul 10

Human Rights Trampled on by Kim and Trump

Is Prez Trump a Traitor? Queen Elizabeth is not a Trump Fan

  

Meet the Press - July 15, 2018

Meet the Press - July 15, 2018

 https://www.nbcnews.com/meet-the-press/meet-press-july-15-2018-n891531 

via @nbcnews

White and Afraid

White and Afraid

Act the way you'd like to be and soon you'll be the way you act. — Leonard Cohen

 

To let go does not mean to get rid of. To let go means to let be. When we let be with compassion, things come and go on their own. — Jack Kornfield

 

Everything in this universe is evanescent. Because it is evanescent, it is also precious. Spend this precious moment wisely and beautifully.

— Haemin Sunim 

adjective: evanescent

1. soon passing out of sight, memory, or existence; quickly fading or disappearing.

Corporate profits continue to increase

Corporate profits continue to increase, while wages continue to languish. 

 Several causes: 
1) Union busting, right-to-work-for-less policies. 
2) Outsourcing to low-wage nations. 
3) Automation. 
4) Cutting back benefits. 
5) More contract employees.

Robert Reich‏Verified account @RBReich 


 

 

  ValueWalk‏ @valuewalk

 

2018 Investing Lessons :

 To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride. Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes. ~ George Soros

 - #PrinciplesOfTrading - https://valuewalkpremium.com/2018/07/2018-investing-lessons/ …

 

 

 

 

 

 

 

 

Trump Baby Balloon

#PresidentBawbag #TrumpUKVisit














4 replies 22 retweets 77 likes

Green Day - American Idiot [OFFICIAL VIDEO] and Lyeics

  

 

 

Green Day - American Idiot [OFFICIAL VIDEO]

https://youtu.be/Ee_uujKuJMI

via @YouTube

"American Idiot" contends that mass media has orchestrated paranoia and
idiocy among the public. Citing cable news coverage of the Iraq War, Billie Joe Armstrong recalled, "They had all these Geraldo-like
journalists in the tanks with the soldiers, getting the play-by-play."
He felt with that, American news crossed the line from journalism to reality television, showcasing violent footage intercut with advertisements

In advance of Donald Trump's visit to the UK in July 2018, a campaign to get American Idiot to the top of the UK song charts was launched.  

American Idiot

Green Day

Don't wanna be an American idiot
Don't want a nation under the new media
And can you hear the sound of hysteria?
The subliminal mind-fuck America

Welcome to a new kind of tension
All across the alien nation
Where everything isn't meant to be okay
Television dreams of tomorrow
We're not the ones who're meant to follow
For that's enough to argue

Well maybe I'm the faggot America
I'm not a part of a redneck agenda
Now everybody do the propaganda
And sing along to the age of paranoia

Welcome to a new kind of tension
All across the alien nation
Where everything isn't meant to be okay
Television dreams of tomorrow
We're not the ones who're meant to follow
For that's enough to argue

Don't wanna…

Welcome to a new kind of tension
All across the alien nation
Where everything isn't meant to be okay
Television dreams of tomorrow
We're not the ones who're meant to follow
For that's enough to argue

Songwriters: Billie Joe Armstrong / Frank E. / Iii Wright / Michael Pritchard

American Idiot lyrics © Warner/Chappell Music, Inc

 

 

 

Green Day - American Idiot [OFFICIAL VIDEO]

https://youtu.be/Ee_uujKuJMI

Cheers. DJT

To a normal person, this is babbling. What on earth do the Trumpees hear?

Muckmaker™‏ @RealMuckmaker

To a normal person, this is babbling. What on earth do the Trumpees hear?

Trump - The embarrassment continues:

 

Bryan Dawson‏ @BryanDawsonUSA

The embarrassment continues: 

The Trump administration shocked global health officials by siding with formula manufacturers and opposing a UN breastfeeding resolution 

Colin Powell said of Trump: “A national disgrace and an international pariah.”

 Accurate.

 https://slate.com/news-and-politics/2018/07/trump-administration-shocks-global-health-officials-by-opposing-pro-breastfeeding-resolution.html …

What Happened to the GOP ?

 

 

1956 REPUBLICAN PLATFORM 

 * Protect Our Social Security 

* Provide Asylum for Refugees in Need 

* Extend Minimum Wage for Workers 

* Better Unemployment Benefits 

* Strengthen labor laws so workers can Join Unions 

* Equal Pay Regardless of Sex 

What Happened to the GOP ???

 

Let’s talk originalism (intent of the Founders). 

The Founders disagreed on much, but agreed on at least two things: 

1 The churches (whether Protestant or Catholic) don’t get to pick Supreme Court justices. 

2 Foreign rulers, including the Russians, don’t get to pick presidents.

  Richard W. Painter‏ @RWPUSA

There is a God:NatThree poachers are believed to have been eaten by lions

Three poachers are EATEN by lions after the men broke into South African nature reserve to slaughter rhinos for their horns

• At least three poachers are believed to have been eaten by lions at game reserve
• Men had entered Sibuya Game Reserve in Eastern Province, South Africa
• A head, bloody limbs and three pairs of shoes recovered from the scene
• Staff also found hunting rifles and axe used by poachers to cut off rhino horns

By Jamie Pyatt In South Africa For Mailonline

A gang of poachers who broke into a South African game reserve to hunt rhinos came off second best when they were attacked and eaten by a pride of hungry lions.

At least three hunters are believed to have been devoured by the predators, judging by the bloody scene on the Sibuya Game Reserve near Kenton-on-Sea in Eastern Province, South Africa.

One head and a number of bloodied body parts and limbs have been recovered from the area, along with three pairs of empty shoes. 

Staff at Sibuya also found high powered hunting rifles with silencers, wire cutters and an axe used by poachers to cut off rhino horns.

'But the lions are our watchers and guardians and they picked the wrong pride and became a meal.

 

 

In 2016, the reserve lost three rhinos when poachers got into the park and shot them dead and cut off their horns.

 

However, this time the hunters became the hunted, when they got in the way of the resident lion pride.

Poaching is a major issue on the Eastern Cape with nine rhinos killed by illegal hunters on reserves this year. 

In February a poacher was killed by lions in the Umbabat Game Reserve near the Kruger National Park, and his family were forced to identify him using all that was left - his head.

Source: http://www.dailymail.co.uk/news/article-5920565/Three-poachers-EATEN-lions-trying-hunt-rhinos-South-African-nature-reserve.html









The Mask of Red Death (from Edgar Allan Poe) by Leonor Fini, 1987

A reminder about today's jobs numbers:

 

A reminder about today's jobs numbers: 

1) They have little to do with Trump. The economy gained jobs for 75 months straight before he took office. 

2) The tax cuts haven't boosted wages. In fact, hourly earnings are down for millions of workers. 

3) The deficit has exploded.

Robert Reich‏Verified account @RBReich