US firm ConocoPhillips will halve its stake in the Russian oil major Lukoil within three years.
The drop from 20% to 10% would allow the US oil major to raise $4.6bn at current prices.
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An anonymous source close to the deal said Conoco will announce the stake sale decision on March 24, Reuters reported.
The company has gradually built up its 20% stake since 2004.
Conoco has also invested in a joint production unit with Lukoil in Russia’s Arctic, Naryanmarneftegaz.
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