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Putin welcomes BP's landmark Russian deal

01-18-2011 10:07 BJT

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Russian Prime Minister Vladimir Putin has welcomed the landmark deal between BP and Rosneft to explore the Arctic. Investors and analysts have also given a cautious welcome to the deal and BP's share swap.

The deal gives the UK company, major access to areas of the Arctic, previously reserved for Russian oil companies. They could contain billions of barrels of oil and gas. BP, recovering from its Gulf of Mexico, oil spill, will swap a 5 percent stake in itself for a 9.5 percent stake in Rosneft. State-controlled Rosneft, will in return get technology and deepwater drilling expertise that BP has to offer. BP shares, traded up 0.5 percent Monday, outperforming a 0.1 percent rise, in the STOXX Europe-600, Oil and Gas index.

Editor:Zhang Jingya |Source: CNTV.CN

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