ConocoPhillips to sell all its Lukoil holdings

By OGJ editors
HOUSTON, July 29
-- ConocoPhillips announced plans to sell all its holdings in Russia’s OAO Lukoil.

Lukoil already agreed to buy 40% of ConocoPhillips’s stake for $3.44 billion. These shares represent a 7.6% overall interest in Lukoil. That transaction is expected to close during the third quarter.

ConocoPhillips expects to sell its remaining stake in Lukoil by yearend 2011, either in open market transactions or directly to Lukoil.

Jim Mulva, ConocoPhillips chairman and chief executive officer, said ConocoPhillips and Lukoil worked closely together for 5 years.

Proceeds from the sale will be used primarily to repurchase ConocoPhillips shares, Mulva said.

ConocoPhillips is trying to sell a total of $10 billion in assets. In June, the company completed a $4.65 billion transaction to sell its 9.03% interest in the Syncrude oil sands project to subsidiaries of Sinopec International Petroleum Exploration and Production Co.

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