ConocoPhillips Boosts Stake in Russia’s Lukoil

U.S. oil company ConocoPhillips has increased its stake in Lukoil to at least 10% and expects to secure a seat on the Russian company’s board of directors, Lukoil Chief Executive Vagit Alekperov said.

Lukoil’s board agreed in November to call a shareholder meeting Jan. 24 to elect a new board. Conoco, which bought 7.6% of Lukoil in September, has expanded its holding since then by purchasing shares of Lukoil on the stock market, Alekperov said.

The stock purchases and possible board seat would help Houston-based Conoco expand its access to the world’s largest oil- and gas-producing country.