ConocoPhillips (NYSE: COP) sold its stake in a joint venture (JV) with Russian state oil company Rosneft, exiting the country after more than 25 years, the Financial Times reported Dec. 22.
The exit from Russia comes about five years after ConocoPhillips sold its biggest sole asset in Russia, a stake in Lukoil, for $9.5 billion.
ConocoPhillips was left with the Polar Lights JV in Russia after it sold a 30% interest in another JV to partner Lukoil in 2012.
Rosneft also sold its stake in the Polar Lights JV last week, in a deal that valued the business at about $150- to $200 million, FT reported citing a person with knowledge of the matter.
The JV had been bought by a company owned by the Khotin family in Russia, the FT reported, citing a source.
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