Exxon and Rosneft to team up on oil projects

Exxon is teaming up with Russian oil giant Rosneft to develop oil and natural gas fields in Russia and North America.

The deal is a major score for Exxon, granting the Irving, Texas company access to some of the world's richest sources of crude oil and other hydrocarbons in the Black Sea and the Russian Arctic. In turn, Rosneft subsidiaries will take ownership stakes in three Exxon projects in the U.S. and Canada.

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