Investing.com - Financial Markets Worldwide
🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

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
COP
-
NG
-
LKOHyq
-
ROSNq
-

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.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.