Conoco Oil and Lukoil

In late 2004, Conoco Phillips (Conoco) announced the purchase of 7.6 percent of Lukoil's (a largely government owned Russian oil and gas company) stock for $2.36 billion during a government auction of Lukoil's stock.  Conoco will have one seat on Lukoil's board. As a minority investor, how could Conoco protect its interests?

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