Russia hails new climate as Rosneft, Exxon sign deal
DAVOS, Switzerland |
DAVOS, Switzerland (Reuters) - Russia's top oil company Rosneft (ROSN.MM) and U.S. major ExxonMobil (XOM.N) signed a deal on Thursday to develop a deep-water project in the Black Sea with more than a billion tons of oil equivalent.
Russia's Deputy Prime Minister Igor Sechin, who also the Rosneft's chairman, and ExxonMobil Chief Executive Rex Tillerson signed the deal at the World Economic Forum in Davos.
It marked a reversal of fortunes in Russia for ExxonMobil (XOM.N), which in recent years had clashed with Russian authorities over the budget for its Pacific Sakhalin-1 project.
Sechin said the deal was a proof that the investment climate in Russia had improved.
"We have managed to convince even Exxon of that," Sechin said.
(Reporting by Dmitry Zhdannikov; writing by Melissa Akin; editing by Vladimir Soldatkin)
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