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ConocoPhillips to Sell Vietnamese Business for $1.29 Billion

February 16, 2012 6:14 PM

ConocoPhillips to Sell Vietnamese Business for $1.29 Billion

Posted by Brian Baxter

In a latest pierce directed during revamping a operations, ConocoPhillips pronounced Thursday it will sell a Vietnamese resources for $1.29 billion to British and French oil association Perenco.

The sale is line with Houston-based ConocoPhillips’s new efforts to strew a least-profitable units  underneath a three-year devise dictated to lift adult to $20 billion around item sales, according to Bloomberg.

That devise runs by a finish of 2012, creation a sale of a Vietnamese operations a pivotal square member of a initiative, according to the Daily Deal. The Perenco transaction includes ConocoPhillips-owned stakes in two offshore oil fields and a 200-plus-mile gas pipeline that connects to a mainland. The sale is expected to tighten by a center of a year.

Dagfinn Nygaard, ConocoPhillips’s handling warn for a Asia Pacific region, is heading an in-house group operative on a matter. Janet Langford Kelly, a former partner during Sidley Austin and Zelle Hofmann Voelbel Mason, has served as a company’s ubiquitous warn given 2006.

As formerly reported by The Am Law Daily, ConocoPhillips defended longtime legal confidant Wachtell, Lipton, Rosen Katz to advise on a designed separate of a association into dual publicly traded companies—one focused on oil and gas production, a other on enlightening and selling operations— slated for after this year.

Wachtell, that represented prototype association Phillips Petroleum on a $15.6 billion partnership with Conoco in 2002, also advised ConocoPhillips in 2010 on a sale of  7.6 percent of a shares in Russian appetite hulk Lukoil for $3.4 billion.

While ConocoPhillips stayed in-house for a sale of a Vietnamese assets, it has kept a roster of outward authorised advisers bustling with copiousness of other transactional matters over a past few years.

In November, ConocoPhillips incited to Morgan, Lewis Bockius for warn on a sale of its stakes in dual U.S. tube operators for a sum of $2 billion. Canadian firm Osler, Hoskin Harcourt suggested ConocoPhillips in 2010 on a $4.65 billion sale of its interest in a Canadian oil sands corner venture, while Cleary Gottlieb Steen  Hamilton represented a association in 2008 on a $800 million sale of some-more than 600 Union 76 gas stations.

Representatives for Perenco did not immediately respond to requests for criticism on either it employed outward authorised confidant for a deal.

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