MOSCOW, November 17 (RIA Novosti) - ConocoPhillips' investment in Russia will reach $9 billion by the end of the year, the U.S. energy giant's board chairman said Friday.
James Malva said the company, which holds almost 19% in Russia's largest crude producer LUKoil [RTS: LKOH], should look for new models of cooperation not only with LUKoil but with other Russian companies as well.
He said Russia aims to develop its natural resources and increase its presence on world markets, which is why the company has invested in the country.
The third-largest energy company in the U.S. and the fifth-largest refiner in the world, ConocoPhillips operates in more than 40 countries.
