U.S. News

ConocoPhillips Hopes to Seal Venture with Russia's Lukoil: WSJ


ConocoPhillips Chairman and Chief Executive James Mulva said he was confident he would finalize a joint venture with Russian oil giant OAO Lukoil in the next year. The project, however, won’t necessarily be in oil-rich Russia, the Wall Street Journal reported.

“We have some interesting things we can do together inside and outside Russia that hopefully in the next year or so will be announced,” he said in an interview with the Wall Street Journal.

ConocoPhillips has amassed a 20% stake in Lukoil, the largest crude oil producer in Russia. It began buying shares when it bought the Russian government’s 7.6% stake in 2004 and has slowly increased its position. ConocoPhillips is limited to a 20% ownership stake.