Ford Motor (NYSE:F) Reaches Joint Venture Agreement with Russia

Ford Motor (NYSE:F) has come to a joint venture agreement with Russian local auto producer Sollers to produce and sell cars in the country.

The biggest immediate loser in the deal is Italy’s Fiat, which had also been negotiating with the company for a Russian partnership.

Ford and Sollers said that their proposed joint venture, which is a memorandum of understanding between the two companies at this time, would involve the two companies’ local production plants close to St. Petersburg and in the republic of Tatarstan.

Before the credit crisis, the Russian market was among the fastest-growing in the world, and with an expected rebound, automakers have been scrambling to make local deals, as Russia changed its policies to strengthen domestic producers.

At this time Ford is the No. 11 car selling brand in Russia, and if the expected rebound in the Russian auto market comes, they have a lot of room to grow there.

Ford was trading at $15.85, down $0.12, or 0.72 percent, as of 12:14 PM EST.

BP (NYSE:BP), Russia in Arctic Drilling Deal

After months of talks and negotiations, BP (NYSE:BP) and Russia have come to agreement on drilling for offshore oil in the Arctic, opening up a potentially huge reserve of oil to both parties.

With Russia depending heavily on oil production for its exports, Prime Minister Vladimir Putin said BP is the best oil company to work with, citing the lessons they learned from the oil spill in the Gulf of Mexico.

Most of the exploratory drilling will probably happen in the region of the Kara Sea, according to Russian authorities. Drilling in the region has revealed significant amounts of natural gas and oil deposits.

Specifics of the deal will be released sometime soon, including specific areas and time frames.

BP closed Tuesday at $47.05, gaining $0.36, or 0.77 percent.

Wal-Mart (NYSE:WMT) Abandons Russia, No Deals Available There

Wal-Mart (NYSE:WMT) announced it is leaving the Russian market, as it has officially closed their business office there.

Doug McMillon, chief executive officer of Wal-Mart’s international operation, said, “Since we have decided to enter the market through acquisition, not green-field development, and since there is no clear acquisition partner in the near term, there is not a business reason to continue our Moscow representative office.”

Wal-Mart that if an “attractive acquisition” were to present itself in the Russian market, they are willing to look at it and acquire the asset.

The giant retailer is looking at other emerging market economies like China, India and Brazil for strategic acquisitions.

Wal-Mart closed Monday at $54.21, down $0.07, or 0.13 percent.