BP has signed a JV agreement with Russian energy firm Rosneft. The two will seek to develop the potentially huge deposits of oil and gas in Russia’s Arctic shelf. From a technical perspective, both firms stand to gain as the JV will allow both parties to exchange expertise in exploring the region. From a financial perspective the two will entwine themselves as Rosneft will take 5% of BP’s shares in exchange for 9.5% of Rosneft’s shares.
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