Associated Press, 05.27.11, 10:05 AM EDT 
MOSCOW — Russia’s Prime Minister Vladimir Putin says state-owned oil firm Rosneft could team up and swap shares with Royal Dutch Shell in an Arctic offshore deal similar to one with BP that fell through.
Rosneft and BP ( BP – news – people ) earlier this month failed to complete a $16 billion share swap that would have seen the two companies jointly develop Russia’s sector of the Arctic shelf.
Russian state news agencies quoted Putin saying Friday that Shell could team up with Rosneft on the same conditions.
He says, however, that “work with BP is not over yet” and the British company could still work with Rosneft on offshore projects.
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