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InsuranceNews.net: Occidental Pete set to exit Russia

Los Angeles oil giant Occidental Petroleum Corp. said Thursday, Jan. 11, it agreed to sell its 50% stake in the Vanyoganneft joint venture in western Siberia to Russian-British oil company OAOTNK-BP Holding for $485 million. Occidental expects to book a $400 million gain on the sale in the first quarter.

Some non-Russian companies have been pulling out of Russia because of a difficult political environment.

In late December, Royal Dutch Shell plc sold its majority stake in the $22 billion Sakhalin-2 oil and gas project to government-controlled OAOGazprom for $7.4 billion, which many considered a low price. — Claire Poole

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