ConocoPhillips this week announced that it will sell all its 19,21 percent in Lukoil before 2011. The deal, which is believed to cost Lukoil about nine billion USD, is one of the biggest ever in Russia, newspaper Vedomosti reports.
The US company earlier this year confirmed that it would sell 10 percent of the shares. Now it is clear that it will get rid of the whole stake. ConocoPhillips has been owner of Lukoil for five years.
In that period the companies have together invested heavily in Northwest Russia. In the oil-rich Nenets Autonomous Okrug, the joint venture Naryanmarneftegaz has developed the huge Yuzhno Khilchuyu field with adjacent pipeline and port infrastructure. As reported by BarentsObserver, the field started production in fall 2008.
