Tillerson’s Arctic Coup Swaps Exxon U.S. Stakes for Russian Oil

- August 31st, 2011

Bloomberg reports that Exxon Mobil’s (NYSE:XOM) partnership with Rosneft will allow it to tap into a region containing tens of billions of barrels of oil.

Bloomberg reports that Exxon Mobil’s (NYSE:XOM) partnership with Rosneft will allow it to tap into a region containing tens of billions of barrels of oil.

The market news is quoted as saying:

Exxon beat rivals, including BP Plc, Royal Dutch Shell Plc (RDSA) and Chevron Corp. (CVX), to gain its piece of one of the globe’s last undeveloped oil provinces. In return, Exxon is providing Rosneft with the capital and expertise it needs to help Russia hold on as the world’s biggest oil producer.

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