Lukoil To Pay $2B For Hess Russian Oil Development Unit

Law360, New York (April 1, 2013, 2:24 PM EDT) -- Global energy development giant Hess Corp. has agreed to sell its 90 percent interest in its Russian subsidiary, ZAO Samara-Nafta, to Russia's OAO Lukoil for $2.05 billion, both companies announced Monday.

Samara-Nafta is currently conducting exploration and production activities in the Volga-Urals region of Russia. The company is producing roughly 50,000 barrels of oil equivalent per day.

The deal is subject to approval by Russia's Federal Antimonopoly Service and is expected to close later this year. The companies will file an application with the agency by...
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