News Day: Putin praises Exxon alliance as new Arctic drilling project starts

President Vladimir Putin lauded Russia’s “old and reliable partner” Exxon Mobil Corp. as he gave the command for the U.S. energy company and ally OAO Rosneft to begin drilling a $700 million exploratory well in the Arctic Ocean.

With Putin giving the start order by video Saturday from the summery Black Sea resort of Sochi, he welcomed the start of the country’s northernmost well with Rosneft chief executive Igor Sechin and Exxon’s Russia chief Glenn Waller. It’s the first step in a quest for new energy resources to help maintain oil production near a post-Soviet Union high of more than 10 million barrels a day.

“Despite current political difficulties, pragmatism and common sense prevails,” Putin said Saturday. “Nowadays, commercial success is defined by an efficient international cooperation. Businesses, including the largest domestic and foreign companies, understand this perfectly.”
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