Conoco Stands To Reap $400M In Sale Of Lukoil JV Stake

Law360, New York (August 22, 2012, 2:02 PM EDT) -- ConocoPhillips Co. will sell its indirect interests in an OAO Lukoil joint venture operating in Russia's Arctic northwest back to its partner for an undisclosed sum, for an after-tax financial gain of approximately $400 million, the Houston-based energy firm announced Wednesday.

The sale of Conoco's 30 percent stake gives Lukoil complete control of OOO Naryanmarneftegaz, which is currently producing 23 million barrels of oil per day from an onshore block just off the Barents Sea, plus a couple of unspecified related assets, according to parallel statements...
To view the full article, register now.