ExxonMobil, Rosneft unveil $500bn plan

Big deal: ExxonMobil-Rosneft tie-up could inject $500 billion into Russia energy sector

Oil major ExxonMobil and Russia's Rosneft unveiled an offshore exploration partnership on Wednesday that could invest upward of $500 billion in developing Russia's vast energy reserves in the Arctic and Black Sea.

The deal, between the world's largest listed oil firm and the world's top oil producing nation, was the product of nearly a year of talks and came about despite a history of mutual distrust between Washington and Moscow dating back to the Cold War and recent difficulties for other Western firms in Russia.

"Experts say that this project, in terms of its ambitions, exceeds sending man into outer space or flying to the moon," Russian Deputy Prime Minister Igor Sechin, a key architect of the partnership, told a briefing for analysts in New York, according to a Reuters report.

Under…

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