American oil company left Russia after 25 years of operation

The American oil company ConocoPhillips left the Russian market after 25 years of operation.

The company's decision to leave Russia after a quarter of a century of work has been caused by problems that foreign investors have faced in the energy sector of Russia, as well as a decrease in oil prices, writes Financial Times.

“We sold our 50% Trisonnery Assat Limited. We no longer have operations in Russia, ”said company representatives.

ConocoPhillips together with Rosneft were the owners of the company Polar Lights.

In August, ConocoPhillips 2014 put up its stake in 50% Polar Lights for sale, and 17 December 2015 Rosneft closed the sale of shares. The amount of the transaction was estimated at 200 million dollars.

It is worth noting that Conoco before the merger with Phillips, it became the first western company in Russia to invest in the Russian oil and gas sector.

As the “Forum” wrote, in the Russian economy, there are finally signs that the country is getting rid of the “oil curse” and total dependence on energy prices.