Energy Biz Review: Conoco Phillips DIVESTS Russian JV, Shell Finds Oz EXPENSIVE
ConocoPhillips (NYSE:COP) intends to divest its indirect 30 percent stake in the NaryanMarNefteGaz Russian joint venture along with certain related assets to Lukoil Co (LUKOF) and Lukoil Co Spons Adr (LUKOY). Financials were not reported, but Conoco hopes to achieve an after-tax bonus of approximately $400 million for the sale.
Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B) reports that the cost of constructing energy projects in Australia has become “very worrisome.” The oil giant has already committed almost $30 billion to Australian gas-export projects that are being established during the next five years, and expects to spend $20 billion on investments still on the drawing board.
Investing Insights: Market Wrap: Fed Saves the Day as Gold GLITTERS.
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