Oil giant BP has announced the sale of its majority stake in a Siberian gas field to Russian utility Gazprom.
Today's deal, which could see Gazprom pay between $700 million (£350 million) and $900 million (£450 million), will grant the Russian firm a 63 per cent claim in BP subsidiary TNK-BP's Kovykta gas field, as well as a 50 per cent interest in the East Siberian Gas Company.
The acquisition is part of a strategic alliance between the two energy companies that will involve both BP and Gazprom investing in "major long-term" oil and gas projects around the world.
Gazprom, Russia's largest company and the world's biggest producer of natural gas, also intends to extend its access to international markets through the union with BP, while the British firm plans to "deepen its involvement" in Russian gas fields.
BP chief executive Tony Hayward commented: "We will initially be looking for projects of at least $3 billion (£1.5 billion), but the potential for further growth could be very significant.
"This historic agreement lays the ground for powerful cooperation between BP, TNK-BP and Gazprom."
Dr Hayward explained that BP was looking to invest "across all geographies".
"Our firm aim is to establish a venture that is strategic and long term, with mutual benefits for the companies, both inside and outside Russia," he added.
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