Russia Details Conditions of 2017 Settlement with Exxon on Sakhalin-1

Russia's government has disclosed conditions of an out-of-court settlement signed in 2017 between Russia's finance ministry, the Russian subsidiary of U.S. oil major Exxonmobil and other members of Russia's Sakhalin-1 oil and gas project, Interfax news agency reported on Tuesday.

The conditions stipulate Sakhalin-1 members paying a tax of 35 percent of their profit, while Russia extends the production rights for Sakhalin-1's production sharing contract until 2051, Interfax said, citing a government report.

Reporting by Polina Devitt; writing by Polina Nikolskaya