CONOCOPHILLIPS AND LUKOIL AGREE TO MAJOR NEW PARTNERSHIP

The announcement on September 29, 2004, of a major strategic alliance between the American oil company ConocoPhillips and the Russian oil company LUKoil represents the culmination of a long acquaintance. The new expanded partnership is based on several key components, including

- ConocoPhillips will buy 7.6 percent of LUKoil shares for $2 billion.
- The two companies agree to launch a major joint upstream oil venture in northern Russia.
- The new joint project will have an independent export route.

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