<p><br /> BP has unveiled an "historic" agreement with the Russian government in a £10 billion deal which will open up unexplored reserves in the Arctic.<br /> </p><p><br /> The "groundbreaking" global alliance will see the UK oil giant own 9.5 per cent of Russian government-owned Rosneft's shares, while Rosneft will take a 5 per cent stake in BP.<br /> </p><p><br /> Speaking at the signing ceremony in central London on Friday night, BP chief executive Bob Dudley said: "I do believe this is a historic moment for BP, for our industry and I believe for Russia and the wider world of energy globally."<br /> </p><p><br /> The move suggests BP now intends to focus more towards interests in the east, following a torrid year in North America.<br /> </p><p><br /> But Mr Dudley denied BP was "turning to the east" in the wake of the Gulf of Mexico disaster.<br /> </p><p><br /> The oil spill, which followed the explosion on the Deepwater Horizon rig, cost the company tens of billions of pounds.<br /> </p><p><br /> City analysts said the tie-up would leave BP well-placed to capitalise on Russian oil interests, but may risk upsetting US investors.<br /> </p>
