ConocoPhillips and LUKOIL form strategic alliance

29.09.04 11:08
/Kazakhstan today, September 29, 04/ - ConocoPhillips and LUKOIL jointly announced today their agreement to form a broad-based strategic alliance in which ConocoPhillips will become a strategic equity investor in LUKOIL. The press service of LUKOIL told KZ-today. The two major integrated oil and gas companies also announced the creation of a joint venture to develop resources in the northern part of Russia's Timan-Pechora oil and gas province and their intention to jointly seek the right to develop the giant West Qurna oil field in Iraq. Earlier it was reported, ConocoPhillips has announced today that its affiliate Springtime Holdings Ltd was the successful bidder in an auction for 7.59 percent of LUKOIL's authorized and issued ordinary shares held by the Russian government for a price of $1.98 billion. [2004-09-29]