LUKOIL will buy shares of the Naryanmarneftegaz joint venture while speculation is that ConocoPhillips will also soon sell its stake in the Polar Lights oil development.
ConocoPhillips is preparing to exit the Russian market. The company has put up for sale its stake in Naryanmarneftegaz, a joint venture with Russian oil major LUKOIL. The Federal Anti-Monopoly Service has already granted LUKOIL’s request to make the acquisition, which will raise its ownership to 100 percent. Experts believe that a similar fate awaits the Polar Lights project, where the American company is working with state-owned Rosneft.
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