U.S. oil and
natural gas producer ConocoPhillips has sold its 50 percent stake in a joint
venture with Russian state oil company Rosneft, a ConocoPhillips spokesman
said.
The exit from Russia comes about five years after
ConocoPhillips sold its biggest sole asset in Russia, a stake in Lukoil, for
$9.5 billion. (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.
The Financial Times reported the stake sale on Tuesday.
ConocoPhillips spokesman Kris Sava said the
company sold its stake to Trisonnery Asset Ltd.
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, the FT reported citing a person with knowledge of
the matter.
The joint venture had been bought by a
company owned by the Khotin family in Russia, the FT reported, citing a person
familiar with the deal.
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.
(Reporting
by Amrutha Gayathri in Bengaluru and Vladimir Soldatkin in Moscow; Editing by
Shounak Dasgupta)
No comments:
Post a Comment