President Putin signed a decree asking the Russian government to set up a Sakhalin-1 PetroVietnam Project Taking over the US investor.

According to the decree, Russian President Vladimir Putin gas on October 7, the government will set up a limited liability company to receive the full rights and obligations of the investor of Sakhalin-1 project, Exxon Neftegas.

The decree stating the reason for establishing Russian businesses to take over the Sakhalin-1 project is a risk to the natural environment and the risk of artificial disasters, as well as a threat to human safety,

Orlan drilling on the Okhotsk Sea.

Exxon Neftegas holds 30% of the Sakhalin-1 project operating unit.

Decree on October 7 requires non-Russian shareholders to send notifications to the government in a month to indicate whether they intend to keep shares in the Sakhalin-1 project.

Exxon Neftegas in March announced to withdraw from the project to respond to Russia's military campaign in Ukraine.

The Russian government in August established a new company to take over the operation of the Sakhalin-2 project, after the British Petroleum Group announced its withdrawal.

Sakhalin-1 and Sakhalin-2 projects are implemented on the Okhotsk waters in the northeast of Sakhalin Island.

Location of Sakhalin-1 and Sakhalin-2 projects.

The price of Russian oil ceiling requires global cooperation efforts, but many countries are benefiting thanks to cheap Russian oil prices may not be ready to participate.

Refinery factories in the world have many difficulties to meet the increasing demand for diesel and gasoline in the global energy crisis.