Lex: Lukoil

ConocoPhillips has told Lukoil it intends to halve its 20 per cent stake in the company, Russia’s second-biggest oil producer said. The cut, which at current prices could raise up to $4.9bn for the third biggest US oil group, would deal a blow to the biggest and most successful partnership between a Russian and US energy major to date. Neil Buckley looks at the reasons for the move.