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ConocoPhillips sells stake in JV with Rosneft, exits Russia-FT

Published 2015-12-22, 06:43 a/m
© Reuters. ConocoPhillips sells stake in JV with Rosneft, exits Russia-FT
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Dec 22 (Reuters) - U.S. oil and natural gas producer
ConocoPhillips (N:COP) COP.N sold its stake in a joint venture with
Russian state oil company Rosneft ROSN.MM , exiting the country
after more than 25 years, the Financial Times reported.
The exit from Russia comes about five years after
ConocoPhillips sold its biggest sole asset in Russia, a stake in
Lukoil LKOH.MM , for $9.5 billion. (http://reut.rs/1QI1Otz)
ConocoPhillips was left with the Polar Lights JV in Russia
after it sold a 30 percent interest in another joint venture to
partner Lukoil in 2012.
Rosneft also sold its stake in the Polar Lights joint
venture last week, in a deal that valued the business at about
$150 million-$200 million, FT reported citing a person with
knowledge of the matter. (http://on.ft.com/1QHYv5Q)
The joint venture had been bought by a company owned by the
Khotin family in Russia, the FT reported, citing a source.
Total oil production at the Polar Lights JV has been
falling, and was at 8,200 barrels per day last year. This
represents 0.5 percent of 1.5 million barrels of oil equivalent
per day in total production reported by ConocoPhillips that
year.

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