U.S.-based McDermott says its participation in Russian petrochemical project is legal [Reuters (UK)]
MCDERMOTT INTL (MDR)
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Source: Reuters
U.S.-based McDermott says its participation in Russian petrochemical project is legal - Reuters 4 Min Read MOSCOW (Reuters) - U.S. oil services company McDermott International ( MDR.N ) said on Thursday that its participation in a huge petrochemical project in Russia, announced this week, was in full compliance with the law and did not breach international sanctions against Moscow. Royal Dutch Shell ( RDSa.L ) pulled out of the same Baltic Coast project in April, saying Russian gas giant Gazprom ( GAZP.MM ) had changed its final concept for the project which initially had been designed to produce only liquefied natural gas. Sources, however, said one factor behind Shell’s decision was also that Gazprom had suddenly brought in another partner with links to businessman Arkady Rotenberg who is on a U.S. sanctions blacklist. Houston-based McDermott will provide ethylene technology and extended basic engineering for two ethylene crackers at what is the largest ethylene integration pr
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