Bank Of Baku

Lukoil to buy ConocoPhillips interest‎

Lukoil to buy ConocoPhillips interest‎
# 30 September 2010 08:30 (UTC +04:00)
Baku – APA-Economics. OAO Lukoil has exercised its option to buy 42.5 million Lukoil depositary receipts held by ConocoPhillips at a price of $56/share, Oil & Gas Journal reported.

ConocoPhillips, which earlier sold 40% of its Lukoil stake to the Russian company for $3.44 billion, last month said it intended to sell the remaining interest to Lukoil or on the open market (OGJ, Aug. 9, 2010, Newsletter).

It expects to receive $2.38 billion in the new deal.

Lukoil said it will make the purchase with a group of investors without raising total debt in a transaction arranged by UniCredit Bank AG.
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