Economics
Total Agrees to Lukoil Shale Deal, Brushing Off Russia Sanctions
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Total SA agreed to seek shale oil in Western Siberia with OAO Lukoil, brushing off U.S. and European sanctions against Russia over its annexation of Crimea.
Chief Executive Officer Christophe de Margerie signed the deal at the St. Petersburg International Economic Forum in a demonstration of Total’s commitment to Russia, after officials from companies including Citigroup Inc., Morgan Stanley and ASA Statoil withdrew from the meeting.