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March 24, 2010

ConocoPhillips Reduces Stake in Lukoil

ConocoPhillips said it plans to sell half of its 20% equity stake in Russian oil major Lukoil to boost shareholder returns and reduce debt. The US major energy company will also divest some assets and reduce refining capacity as part of a two-year plan to increase returns and reduce

By cms admin

ConocoPhillips said it plans to sell half of its 20% equity stake in Russian oil major Lukoil to boost shareholder returns and reduce debt.

The US major energy company will also divest some assets and reduce refining capacity as part of a two-year plan to increase returns and reduce debt.

The 10% stake, estimated to be $4.9bn, is likely to be bought by Lukoil.

In 2009, ConocoPhillips announced it would sell $10bn in assets for the next two years in order to revive finances.

Half of the assets will be sold in 2010 and the remainder in 2011, the company said.

ConocoPhillip’s potential sales in 2010 include its interests in the Syncrude oil sands project in Canada and the Rex pipeline in the USA, 10% of its Lower 48 and Western Canada portfolio and its remaining petrol retail operations.

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