ConocoPhillips to Sell Interest in Russia Joint Venture

ConocoPhillips said it will sell its indirect 30% interest in a joint venture in Russia and certain related assets to Russian oil company LUKOIL .

ConocoPhillips had entered into an agreement with LUKOIL in 2004 to create the NaryanMarNefteGaz joint venture to develop oil and natural gas resources in the northern part of Russia's Timan-Pechora province.

Financial terms of the deal were not disclosed.

ConocoPhillips said it expects to recognize an after-tax financial gain of about $400 million for the sale.