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Jan. 14 (Bloomberg) -- Philip Weiss, an analyst at Argus Research, talks about BP Plc's agreement with Russia's state oil producer OAO Rosneft to form a global strategic alliance. BP will take 9.5 percent of Rosneft shares after the agreement and the Russian company will hold 5 percent of BP, valued at $7.8 billion, according to a statement released during a signing ceremony in London. The companies agreed to develop three blocks in Russia’s Arctic Ocean. Weiss talked with Carol Massar and Matt Miller on Bloomberg Television's "Street Smart" before the statement was released. (This is an excerpt of the full interview. Source: Bloomberg)