Tuesday, April 2, 2013

Hess Corp to sell Russian unit to Lukoil for $2.05 billion

Reuters reports that Hess Corp, which has been besieged by activist investors pushing for change at the oil and gas company, said it would sell its Russian unit to Lukoil for $2.05 billion as it works to reshape its sprawling energy business.  Lukoil, Russia's second-largest crude oil producer, is buying the unit - called Samara-Nafta - as part of a long-term strategy to stabilize its falling oil output.

Hess owns 90 percent of the unit and expects its after tax proceeds will be about $1.8 billion. Samara-Nafta is currently producing 50,000 barrels of oil equivalent per day in the Volga-Urals region of Russia, the company said….

More?  Go to http://www.reuters.com/article/2013/04/01/us-hess-corp-lukoil-idUSBRE9300AQ20130401

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