ENERGY

Russia, Oil Consortium Sign Agreement: The government and an international consortium of companies will develop oil and gas reserves off Russia’s Sakhalin Island. The project, called Sakhalin-2, is valued at $9 billion. Officials signed the long-awaited deal at a reception at the Russian Embassy attended by Russian Prime Minister Viktor Chernomyrdin and Vice President Al Gore. Chernomyrdin has also signed $820 million in loans with the World Bank and received promises of further support from both the bank and the International Monetary Fund. The loans comprise $300 million for highway repair, $200 million for Russia’s banking sector, $240 million for farming and $80 million for land reform.