BP and Russia Sign Arctic Oil Deal

According to a Jan. 15 report from Aljazeera, BP has signed a joint venture with Russia's state-controlled energy giant Rosneft to explore for offshore oil and gas and in a deal that gives the UK company access to areas of the Arctic previously reserved for Russian companies. The British energy giant will swap five per cent of its shares, valued at $7.8b, for 9.5 percent of Rosneft in an agreement that immediately raised concerns about U.S. economic security from U.S. politicians and criticism from environmentalists.

(Source: Aljazeera)