ConocoPhillips has announced that it will be spinning off its refining and marketing arm into a new business, two weeks after Marathon Oil split itself up in the same way in order to increase returns for investors, according to a Bloomberg report.
LUKOIL does not plan to use its entire option to buy its shares (11.61 percent) from ConocoPhillips, LUKOIL Vice-President Leonid Fedun said according to RBK.
LUKoil, the country's second-largest oil producer, could use shares it is set to buy back from ConocoPhillips for mergers and acquisitions or simply annul them, vice president Leonid Fedun said Friday.
ConocoPhillips said Wednesday that it would unload its full 20 percent stake in LUKoil by 2011, ending a nearly six-year strategic partnership with Russia's second-largest company.
29 July 2010 , 09:05Olga RazumovskayaThe Moscow Times0
US supermajor ConocoPhillips is close to announcing that it plans to halve its stake in Lukoil, will sell 10% of its 20% interest in the Russian producer within three years, according to reports.
ConocoPhillips has announced that it will be spinning off its refining and marketing arm into a new business, two weeks after Marathon Oil split itself up in the same way in order to increase returns for investors, according to a Bloomberg report.
Lukoil buys up more of its shares from ConocoPhillips
LUKoil, the country's second-largest oil producer, could use shares it is set to buy back from ConocoPhillips for mergers and acquisitions or simply annul them, vice president Leonid Fedun said Friday.
ConocoPhillips said Wednesday that it would unload its full 20 percent stake in LUKoil by 2011, ending a nearly six-year strategic partnership with Russia's second-largest company.
ConocoPhillips officially announced on March 24 that the company plans to sell half of its 20 percent stake in LUKOIL.
US supermajor ConocoPhillips is close to announcing that it plans to halve its stake in Lukoil, will sell 10% of its 20% interest in the Russian producer within three years, according to reports.
