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ExxonMobil Debates Exit from Vietnam Project: WSJ

Recently appointed board of directors is considering whether to continue with several fossil fuel investments


A view of the ExxonMobil Baton Rouge Refinery in Baton Rouge, Louisiana. Photo: Reuters

 

Exxon Mobil’s recently appointed board of directors is debating whether to continue with several fossil fuel projects, including a multibillion-dollar gas project in Vietnam, The Wall Street Journal reported on Thursday.

The US energy giant is reconsidering its investment strategy, the WSJ said, citing people familiar with the matter. Members of the board — which includes three directors successfully nominated by an activist investor in May and two other new members — have expressed concerns about certain projects, including a $30 billion liquefied natural gas development in Mozambique.

However, oil and gas prices are at multiyear highs, and the world is experiencing a shortage of fossil fuels as economies emerge from the pandemic, the paper noted.

Read the full story: The Wall Street Journal

 

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ExxonMobil and JERA to Build LNG Power Plant in Haiphong

 

 

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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