Royal Dutch Shell and Gazprom have formed a strategic alliance which gives Shell access to Russia’s huge oil and gas reserves.

Four years ago Russia had forced Shell to pass control of a £14 billion oil field to rival Gazprom. However, the new agreement means two of the world’s biggest oil and gas companies will co-operate in Russia and work together in other countries.

Shell will find it easier to access vast oil and gas fields in Siberia and the Far East. And in return the state-controlled Gazprom will be able to work on projects outside of Russia.

Shell’s chief executive Peter Voser said he expects Russia "will play a big role in meeting the world’s growing demand for oil and gas in the years ahead".

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