RusEnergy

RBC, 13.04.2005, Moscow 18:38:52.LUKoil president Vagit Alekperov and ConocoPhillips president James Malva have met today to discuss corporate cooperation and forming a strategic alliance, LUKoil press department has announced. The two top-managers have also met Russian economic development and trade minister German Gref and natural resources minister Yury Trutnev to hold talks on prospects of cooperation between companies in Russia and abroad. The press release reads that before end-April all legal procedures related to the establishment of a joint venture will be complete. The newly established company is to produce hydrocarbons in the Timano-Pechora oil and gas field. The two companies also discussed prospects of cooperation for working abroad. ConocoPhillips has won the tender for selling the state stake in LUKoil amounting to 7.59 percent. Later it boosted its stake in the Russian oil company to 10 percent and ConocoPhillips representative has joined LUKoil board. Under bilateral agreements, ConocoPhillips could increase its stake in LUKoil to 20 percent and is no entitled to sell LUKoil hares within a four-year period.