17th Dec 2015 11:04
LONDON (Alliance News) - Russia's state-owned oil company Rosneft on Thursday said it has sold its 50% stake in Polar Lights, a joint exploration venture with US-based ConocoPhillips.
Rosneft didn't provide any financial details on the sale, or even the name of the buyer. It originally had announced its plan to divest from the venture back in 2014.
FTSE 100-listed British major BP PLC owns a 19.75% stake in Rosneft.
With few details released about the sale, media reports have estimated the value of Polar Lights somewhere in the region of USD100.0 million to USD200.0 million, with Russian media suggesting USD120.0 million to USD150.0 million.
Some media also previously have reported that ConocoPhillips also was planning on selling its 50% stake in the project.
BP shares were up 0.7% to 342.50 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
BP