ConocoPhillips Sells Russian Venture Stake To Lukoil
From Bloomberg
ConocoPhillips (COP) sold its 30 percent stake in a Russian joint venture to co-owner OAO Lukoil, the latest divestment in a three-year plan to boost returns.
The sale of the indirect stake in OOO NaryanMarNefteGaz was completed for an undisclosed price, the Houston-based company said today in a statement. Although financial terms weren’t disclosed, it expects to book an after-tax gain of about $400 million from the deal.
