CORRECTED: 9/1/2011, 11:30 a.m. EDT. Sergei Diyachenko is a partner at Freshfields Bruckhaus Deringer. A previous version of this article incorrectly identified his position.

Exxon Mobil Corp. and Russian state-owned oil company OAO Rosneft are partnering on an Arctic exploration project that includes an initial investment of $3.2 billion.

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