In line with its strategic vision to create shareholder value, ConocoPhillips NYSE:COP recently declared that company has signed an agreement to slash its business unit in Vietnam for a total valuation of $1.29 billion in addition to adjustments in customary working capital.

To sell three wholly owned subsidiaries, ConocoPhillips signed various definitive agreements with a subsidiary of Perenco.

Those subsidiaries of ConocoPhillips held nearly 36 % participating interest in Block 15-2, 23.25 % of company’s participating interest in Block 15-1, and nearly 16.3 % participating interest in Nam Con Son Pipeline.

Company expects the closure of transaction in the first half of 2012.

At the event company’s senior vice president, Planning and Strategy, Al Hirshberg, disclosed that the sale of this Vietnam business unit is an important component of company’s $15-20 billion 2010-2012 asset divestiture program. ConocoPhillips has been in active business in Vietnam for more than 15 years.

Through its asset divestiture program during 2010-2011 ConocoPhillips earned $10.7 billion in proceeds, as well as $9.5 billion from sale of LUKOIL share. These sales resulted in total amounts of $20.2 billion over this period.

ConocoPhillips declares the recent sale of its Vietnam business unit is just one part of its strategic vision to generate value for shareholders. Company continues to focusing on enhancing returns, optimizing the portfolio, escalating financial flexibility and expanding shareholder distributions.

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. galaxystocks.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer ( http://galaxystocks.com/disclaimer) is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold galaxystocks.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a media-advertisement and newswire company. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period.