Rosneft Signs Deal with BP to Explore for Shale Oil in Russia

The Moscow Times reported that BP (NYSE:BP,LSE:BP) signed a deal with Russia’s Rosneft (MCX:ROSN) for shale oil exploration projects in Russia. The deal comes in spite of recent sanctions imposed on Rosneft chief executive Igor Sechin over ongoing tensions in Ukraine, according to the Times.

As quoted in the publication:

Moscow is hoping to repeat the shale oil boom in the U.S., which changed the global energy landscape as Washington is gradually cutting oil imports and preparing to start exports, pushing other producers like Russia to forge closer business ties with Asia.

Click here to read the full Moscow Times article.