Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/hess-corporation-closes-sale-of-its-interest-in-ru.shtmlHess Corporation closes sale of its interest in Russia
Hess Corporation has completed the sale of 100 percent of its Russian subsidiary
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Hess Corporation has completed the sale of 100 percent of its Russian subsidiary Samara-Nafta to OAO LUKOIL for a total consideration of $2.05 billion. Including working capital and other adjustments, total after tax proceeds to Hess based on its 90 percent interest in Samara-Nafta were approximately $1.9 billion.
Hess' total year-to-date proceeds from completed and announced asset sales amount to approximately $3.5 billion. As previously announced, the Company is applying these proceeds to repay outstanding short-term debt and strengthen its balance sheet, providing the financial flexibility to fund future growth.
