ConocoPhillips will keep its stake in LUKoil as it seeks to divest $10 billion in assets over the next two years, it said Friday.

The company’s 20 percent stake in Russia’s second-largest oil producer is a “strategic asset” and won’t be sold, CEO Jim Mulva said.

The company in October said it would consider selling its 9 percent stake in Canadian tar-sands producer Syncrude Canada as well as the weakest exploration and production holdings in North America.

(Bloomberg)