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Shell CEO: No Secret Of Interest In Russian Arctic

Tuesday May 17, 2011

LONDON -(Dow Jones)- Royal Dutch Shell PLC (RDSA.LN) has made “no secret” of its interest in developing the hydrocarbon resources in the Russian Arctic, but its preference remains for investment on a project-by-project basis rather than buying stakes in local companies, Chief Executive Peter Voser said Tuesday.

“We are interested in exploring in Russia, and we have made no secret of that, ” said Voser, who was addressing shareholders at the firm’s annual general meeting.

Earlier Tuesday, peer BP PLC’s (BP.LN) $16 billion share swap and Russian Arctic exploration deal with state-owned OAO Rosneft (ROSN.RS) lapsed. In the wake of the deal’s expiration Rosneft said it would be open to talks with other foreign oil companies to partner it in offshore exploration in the Kara Sea.

However, Voser said Shell’s preference for its Russian strategy was to invest on “a project-by-project basis, rather than taking equity stakes in Russian companies.”

-By Alexis Flynn, Dow Jones Newswires, +44 207 8429471, [email protected]

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