Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of Doug Terreson. Please proceed with your question.
Doug Terreson
Jim, on the divestiture program, you mentioned that there are several interested parties in Syncrude, which is not surprising. And so, while I realize it is early, can you talk a little bit about the level of interest on the other portions of the initial $10 billion package?
Jim Mulva
Well, it is a little premature to tell, but we would not have them in the package if we did not think we had really some interest in it. We have demonstrated the Keystone pipeline we sold earlier several months ago. There is quite an interest from TransCanada. So, we will be looking at some of the pipelines for instance, the REX pipeline. We are very pleased that it is essentially close to completion and starting up. But from a strategic point of view, we don't need that.
We think there will be a fair degree of interest in that. With the commodity markets, we believe that the bottom 10% of our North American portfolio will have a lot of interest, and we have received a lot of phone calls and interest in that. So, we look at that as cleanup. Essentially, what it does is it really moves some of these properties to someone that sees a lot more value than we do ourselves. And then, in Southern North Sea gas, we know there is a lot of interest in that. So, I would have to say it's just the response we have already seen and received that there is a lot of interest in this. So, we think that what we have in mind is achievable.
Doug Terreson
That is a good sign. And just second, during the past decade, all of the super majors have sought investment in Russia with the expectation that economic conditions would justify doing so, although, the reality has been somewhat more challenging. So, I wanted to see if you would comment on your strategic thinking towards your position in Russia, which has turned out well in relation to a lot of the competitors. And it is obviously significant because it is around $11 billion in the market today. So, would you comment on that on your thinking there?
Jim Mulva
Well, we have had a great relationship and do with LUKOIL and with the Russian authorities. And I think, it is probably most appropriate that I would say, we recognize what is taking place and the opportunities in oil with respect to Russia. But I think the appropriate and right response is really that we intend to maintain a strategic relationship with LUKOIL.
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