In order to ensure its position as a powerful energy supplier across the world, Russia must focus on teamwork and co-operate with foreign oil companies, The Moscow Times quotes a senior Shell executive as saying.

The newspaper quoted Chris Finlayson, Shell’s country manager, as saying: I think there is not yet a full appreciation of the challenges Russia faces offshore.

He pointed out that Russia’s offshore reserves were seven times those of the North Sea off the east coast of Britain, emphasizing that the situation entails the participation of more foreign entities and not just local players.

Although there has been lot of political tension brewing between the two countries in the recent past, Sir Tony Brenton, Britain’s ambassador to Russia, said: We don’t intend that any of these political [tensions] will get in the way of our business relationship.

Mr Brenton however said that, at the moment, the situation was not favorable for peaceful bilateral relations.