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. Last Updated: 07/27/2016

Shell, Chevron Unite

LONDON -- The Royal Dutch Shell group and Chevron Corp. have agreed to cooperate in new energy projects in the Caspian region, the two companies said in a statement Monday.

"The agreement establishes a framework for Chevron and Shell to jointly identify and develop new projects in the ares of exploration, production, transportation and sale of crude oil, gas liquids and natural gas," they said.

The two companies are already participants in the Caspian Sea Pipeline Consortium, a transportation project for Russian and Kazakhstan crude oil.