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Exxon Declares Force Majeure at Russia’s Sakhalin-1 Project

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Exxon Mobil’s (NYSE:XOM) Russian unit Exxon Meftegas declared force majeure on its operations at the Sakhalin-1 oil and gas project in the country’s far east, Reuters reported on Wednesday.

Project stakeholders reportedly are having difficulty chartering tankers to ship oil out of a region that generally needs ice vessels to navigate the journey.

Sakhalin-1 exports Sokol grade crude oil from the De-Kastri terminal, rising to 228K bbl/day in March, mostly to South Korea and to other destinations including Japan, Australia, Thailand and the U.S.

Exxon (XOM) reiterated it is taking steps to exit its 30% stake in Sakhalin-1 and discontinue all Russia operations in response to Russia’s invasion of Ukraine.

Exxon (XOM) on March 1 announced its decision to withdraw from its Russian operations, which total ~$4B in assets including Sakhalin-1.

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Original Post: seekingalpha.com

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Hot Stocks: BIDU Leads Chinese Tech Stocks Higher; PTON, ODFL Rise on Earnings; SNAP Drops

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Stocks surged in the wake of the Federal Reserve’s latest interest rate announcement, with the Nasdaq ending Wednesday’s session higher by 2%. Investors focused on comments from Fed Chair Jerome Powell suggesting that the central bank was starting to make progress in its fight against inflation.

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Article: seekingalpha.com

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U.S. Beginning to Detain Some Chinese Aluminum Imports, Top Shipper Says

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The U.S. has started to detain imports of aluminum products suspected of being made through forced labor, particularly from China’s Xinjiang region, shipper A.P. Moller-Maersk (OTCPK:AMKBY) said Tuesday, according to Bloomberg.

U.S. Customs has begun issuing “detention notices” for such products, the shipper said in an advisory, adding the action probably would target aluminum used in automotive parts.

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Original Article: seekingalpha.com

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Gas Stove Controversy Heats up Again As Second U.S. Agency Proposes Limits

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Gas stoves are coming under renewed scrutiny as the U.S. Department of Energy published a proposal Wednesday for new regulations for the appliances, some of which have never been subject to federal efficiency standards.

The proposed rule-making would set new efficiency standards for both electric and gas cooking tops, preventing them from exceeding set levels of energy use per year.

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Original Source: seekingalpha.com

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