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Norway's Statoil ASA (NYSE ADR: STO) signed a massive deal with Russian behemoth Rosneft in a venture that may require more than $100 billion over the next few decades.
Specifically, the company aims to help Rosneft develop untapped oil resources in the Arctic, as Moscow struggles to gain a competitive advantage given declining oil production in Siberia.
It's the third recent oil partnership for Rosneft.
"The agreement, signed on Saturday, provided a showcase for president-elect Vladimir Putin, serving out his final days as prime minister before a May 7 inauguration, and Deputy Prime Minister Igor Sechin, in charge of energy and industrial policy.
As a legacy of their time in government, the three deals secure capital and expertise for a push into some of the world's potentially most energy-rich regions."
The deal highlights a number of key issues for both oil companies and Moscow moving forward.