ConocoPhillips and Lukoil to Collaborate for Russia

ConocoPhillip's Chief Executive James Mulva said Monday he is meeting later this week with the chairman of OAO Lukoil in Houston to talk about joint-venture opportunities to build on the company's alliance.

"We continue to look at the opportunities we can do together, both upstream and downstream, both in Russia and outside Russia," Mulva said. "We expect to have something ... we can hopefully announce as we go into 2008."

Mulva spoke with reporters on the sidelines of the annual meeting of the American Petroleum Institute, the oil industry's main trade group.

In September 2004, ConocoPhillips announced a strategic alliance under which the U.S. oil giant would purchase up to 20% of Lukoil shares and collaborate with the Russian company on ventures both inside and outside Russia.