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News Summary: Hess sells Russia business to Lukoil

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News,Business

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.

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