Wednesday, January 10, 2007

Lukoil: ConocoPhillips increases stake to 20%

Lukoil, the listed Russian oil firm, has seen US-listed energy giant ConocoPhillips increase its stake in Lukoil to 20%, at the end of 2006. This was reported in Vedomosti, which referred to ConocoPhillips’ preliminary reports for Q4 2006.
A Rzeczpospolita report referred to Lukoil and wrote that ConocoPhillips increased stake from 18% to 20%, as it was anticipated in a strategic agreement between the parties. Vedomosti reported that in 2004, ConocoPhillips bought over 11% ordinary shares in Lukoil.
In 2005, Lukoil recorded sales of USD 55.7bn, according to company web site.


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