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ConocoPhillips Confirms Selling Stake in Joint Venture With Russia

© AP Photo / David ZalubowskiConocoPhillips gasoline station
ConocoPhillips gasoline station - Sputnik International
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Energy giant ConocoPhillips has sold its share in a joint venture with Russia’s oil company Rosneft, the company confirmed to Sputnik on Tuesday.

WASHINGTON (Sputnik) — Polar Lights was established in 1992 to develop five oil fields in the Nenets Autonomous Region, originally estimated to have some 16 million tons of oil.

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"ConocoPhillips confirms it has sold its 50 percent interest in Polar Lights Co. to Trisonnery Asset Limited," the company stated.

Earlier in December, Rosneft announced the sale of its stake in the joint venture.

In 2011, ConocoPhillips sold all its shares in Russia's oil company LUKoil.

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