Rosneft and Gazprom form an alliance

Russia's state-run energy giants Gazprom and Rosneft have signed a co-operation agreement to jointly explore, produce and transport oil and gas until 2015.

The companies have struck a parity deal to bid for hydrocarbon production licenses together. Under the agreement, Gazprom would buy natural gas from Rosneft.

The news comes just two weeks after Gazprom signed a joint venture agreement with Russia’s largest private oil company, Lukoil.