News Summary: Hess sells Russia business to Lukoil
News Summary: Hess says it will sell Russia business to Lukoil for proceeds of $1.8 billion
RUSSIAN IN: Hess Corp. agreed to sell its Samara-Nafta division in Russia to OAO Lukoil, the second-largest oil company in Russia, for proceeds of $1.8 billion as it continues to sell off assets.
LUCRATIVE FOR LUKOIL? Samara-Nafta produces 50,000 barrels of oil a day in the Volga-Urals region and has about 85 million tons of oil reserves.
CASHING OUT: Hess has announced or closed the sale of interest in a North Sea oil field, a shale deposit in Texas, and several offshore oil fields near Azerbaijan. Including the Samara-Nafta sale, it expects $3.4 billion in proceeds from the sales.
