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On September 3, a reporter asked: The Chinese curatorial team announced its withdrawal from the Gwangju Biennale in South Korea due to its erroneous handling of Taiwan-related issues, expressing strong protest. The Chinese Embassy in South Korea has already issued a statement on this matter. What is Chinas comment on this? Foreign Ministry Spokesperson Guo Jiakun: The Joint Communiqué on the Establishment of Diplomatic Relations between China and South Korea clearly states that the government of the Republic of Korea recognizes the government of the Peoples Republic of China as the sole legal government of China and respects Chinas position that there is only one China and that Taiwan is a part of China. Since the beginning of this year, the South Korean side has repeatedly stated that its position on adhering to the one-China principle remains unchanged. The organizers of the Gwangju Biennale in South Korea stubbornly persisted in their erroneous practices, condoning Taiwans participation in the exhibition under a name completely inconsistent with its identity, blatantly violating the one-China principle. China firmly opposes this and has lodged a solemn representation with the South Korean side, demanding that the relevant parties immediately correct their erroneous practices. We hope that the South Korean government will abide by its political commitments, earnestly assume its responsibilities, and put the one-China principle into practice with concrete actions. The DPP authorities are using cultural exchanges, conferences, and exhibitions as occasions for political manipulation and provocative actions aimed at "independence." Their intentions are sinister, and their methods are despicable. Their political schemes will not succeed.The U.S. ISM non-manufacturing supplier deliveries index was 51.3 in August, up from 52.8 in the previous month.The U.S. ISM non-manufacturing inventory index for August was 56.7, compared to 51.4 in the previous month.The U.S. ISM non-manufacturing new orders index was 60.9 in August, down from 57.2 in the previous month.The U.S. ISM non-manufacturing employment index for August was 47.8, compared to 47.4 in the previous month.

Putin authorizes the seizure of the Exxon-led Sakhalin 1 oil and gas project

Aria Thomas

Oct 09, 2022 11:21

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Friday, Vladimir Putin signed a decree appointing a new operator for the Exxon Mobil-led Sakhalin-1 oil and gas project in Russia's Far East.


Putin's approach regarding Exxon's largest investment in Russia resembles a strategy he adopted to grab control of other energy assets in the country.


The order authorizes the Russian government to evaluate whether foreign investors may keep their holdings in a project.


Exxon, along with Russian business Rosneft, Indian company ONGC Videsh, and Japanese company SODECO, holds a 30% operator ownership in Sakhalin-1.


In July, oil production at the Sakhalin-1 plant decreased from 220,000 barrels per day (bpd) prior to the Russian invasion of Ukraine to 10,000 barrels per day (bpd).


Since the imposition of international sanctions against Moscow in March, Exxon has sought to quit its Russia activities and transfer its role in Sakhalin-1 to a partner.


Exxon and the Russian government are in conflict, with Exxon threatening international arbitration.


Exxon declined to comment on the Friday-issued order.


A representative of the ministry of industry, which owns a 50% share in SODECO, claimed that the ministry was gathering information and consulting with partners. Japan has halted acquiring crude from Russia as of June.


In April, Exxon recorded a $4.6 billion impairment charge for its Russian operations and claimed it was collaborating with partners to transfer Sakhalin-1's operation. It also reduced energy output and personnel exports.


According to Exxon, a decision signed by Putin in August impeded a secure and environmentally safe evacuation from Sakhalin-1. The U.S. manufacturer then issued a "notice of difference," a legal requirement prior to arbitration.


A Russian corporation administered by the Sakhalinmorneftegaz-shelf subsidiary of Rosneft will own Sakhalin-1 investor rights, according to a decision signed by the Russian government on Friday.


The order provided that foreign investors have one month following the foundation of a new firm to obtain shares from the Russian government.


Putin employed a similar strategy in a July decree to grab complete control of Sakhalin-2, an additional gas and oil project in the Russian Far East, in conjunction with Shell (LON:RDSa), Mitsui & Co, and Mitsubishi Corp.


Per their applications, Russia has permitted two Japanese trading firms to transfer their holdings to a new operator.


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