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Post# of 191092
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investor15

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investor15

Re: None

Monday, 05/26/2014 7:35:05 AM

Monday, May 26, 2014 7:35:05 AM

Post# of 191092
Western oil bosses stand by Russia despite sanctions

May 25 2014, 06:38 ET

- BP (BP) has signed an agreement with Rosneft to explore for hard-to-recover shale oil in the Volga-Urals region of central Russia despite Western sanctions against Rosneft (RNFTF) CEO Igor Sechin because of the tensions in Ukraine.

- BP will hold 49% in a joint venture and the Russian company the rest.

- The deal was announced at the St Petersburg International Economic forum, where Total (TOT) CEO Christophe de Margerie also finalized an agreement with Lukoil to explore for unconventional oil.

- Other major energy bosses to attend the event included Shell's (RDS.A) Ben van Beurden and Eni's (E) Claudio Descalzi, as well as senior ExxonMobil (XOM) executive Neil Duffin.

http://seekingalpha.com/news/1770063-western-oil-bosses-stand-by-russia-despite-sanctions
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