Skip to content
Subscriber Only

Hess Sells Russian Unit to Lukoil for $2.05 Billion

Hess Corp. agreed to sell Russian subsidiary Samara-Nafta to OAO Lukoil for $2.05 billion in the biggest divestiture ever by the New York-based oil explorer.

Hess expects proceeds of $1.8 billion for its 90 percent stake in Samara-Nafta, the company said in a statement today. The transaction brings the combined after-tax value of assets Hess has agreed to sell this year to $3.4 billion.