Conoco Shedding Lukoil Assets
ConocoPhillips (NYSE:COP) communicated to Russian-based Lukoil Holdings that it was going to sell up to half of its stake in the company over the next two years. Conoco owns a 20 percent stake in Lukoil.
Assuming Lukoil prices hold close to today's share price, the sell of the shares in the company would bring about $4.7 billion to Conoco's coffers.
Conoco wants to sell about $10 billion in assets to strengthen its financial position.
Other than one project in the Russian Arctic region, there hasn't been any new operations by Lukoil with Conoco, making it easier for Conoco to make the decision to sell a portion of their stake.
Conoco Shedding Lukoil Assets
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