ConocoPhillips (NYSE:COP), the Houston, Texas-based oil group,...

ConocoPhillips (NYSE:COP), the Houston, Texas-based oil group, turned down an offer of more than USD 2bn for its UK operations from Switzerland-headquartered chemical giant Ineos, The Sunday Times reported. The report cited sources who said the private-equity firm Blackstone also made an offer for the British subsidiary.

Conoco had decided to dispose of its stake in the Clair reservoir in the North Sea and that auction went on to become a sale process for the group’s whole UK-based operation, the report said. However, the sale was put on hold four months ago after the board of Conoco was shaken up, the item reported, adding that it is not known whether the process will be restarted.

Neither Ineos, nor Conoco nor Blackstone wished to comment on the matter, the report said.

The original article appeared in The Sunday Times, Business section, page 3