Skip to content
Subscriber Only

ConocoPhillips to Sell Vietnam Business for $1.29 Billion

ConocoPhillips, the third-largest U.S. oil company, agreed to sell its Vietnam operations for $1.29 billion to Perenco SA, exiting the country after more than 15 years.

The Vietnam business unit sale is part of ConocoPhillips’ efforts to unload less profitable businesses and boost returns, the Houston-based company said in a statement today. The transaction is expected to close in the first half of 2012.