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Lukoil CEO Vagit Alekperov (Image courtesy of Lukoil)

On Friday Lukoil and Total agreed to set up a joint venture to tap huge shale reserves in Siberia.

The deal was signed on the sidelines of the St. Petersburg International Economic Forum.

Lukoil CEO Vagit Alekperov said the venture with Total would develop fields with around 500 million barrels of reserves.