Russia's Lukoil sells Kazakhstan stake to China's energy giant
Russia's
largest private oil firm Lukoil has sold some of its Kazakhstan stakes
to China's energy giant Sinopec for $1.09 billion, the company said
Thursday. Lukoil has offloaded its 50 percent share in Caspian
Investments Resources, which participates in five fields in the Central
Asian nation,…
Russia's Lukoil sells Kazakhstan stake to China's energy giant
12 hours ago
Russia's largest private oil
firm Lukoil has sold some of its Kazakhstan stakes to China's energy
giant Sinopec (AFP Photo/Nikolay Doychinov)
Lukoil has offloaded its 50 percent share in Caspian Investments Resources, which participates in five fields in the Central Asian nation, the statement said.
Lukoil remains the largest Russian player in Kazakhstan despite the sale with its involvement in the Tengiz, Karachaganak and Kumkol fields.
The
deal with the Chinese giant has been dragging on after the two sides
initially inked an $1.2 billion sale and purchase agreement last year.
Lukoil in February went to an arbitration court in February after Sinopec refused to finalise the deal.Energy-rich former Soviet Kazakhstan is viewed by Moscow as remaining in its sphere of influence and is a part of a Russian-backed customs union.
The Central Asian nation is home to one of the world's largest offshore oil fields, the Kashagan field.
Energy
companies Total, Eni, ExxonMobil, Shell and Kazakh state champion
KazMunaigas, as well as Japanese firm Inpex and China's CNPC, are
involved in the Kashagan field project.
Kazakhstan
has said that work at the field is ahead of schedule and that
production could begin in December 2016 after development was suspended
by gas leaks.
end quote from:
Russia's Lukoil sells Kazakhstan stake to China's energy giant
AFP
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