Lukoil Sells Interest in Kazakhstan Projects to Sinopec

Russia's Lukoil reported Tuesday that it has sold its share of four hydrocarbon production projects in Kazakhstan to China's Sinopec.

Lukoil said it has agreed to sell its 50-percent stake in Caspian Investment Resources Ltd to Sinopec for $1.2 billion. Caspian Investment Resources, through a number of joint ventures, holds various interests in the four projects, which contributed 10.2 million barrels of oil equivalent to Lukoil's production last year.

Lukoil said the transaction was designed to optimize Lukoil's overseas hydrocarbon asset portfolio. The firm added that it will continue to participate in Kazakhstani hydrocarbon production projects, including Kumkol, Karachaganak and Tengiz, while it remains a member of the Caspian Pipeline Consortium.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Shell Divests Stake in Saudi JV (Aug 16)
 -  Saipem to Build Pipelines for Kuwait R... (Aug 16)
 -  The Trick to Nailing Your Electrical E... (Aug 10)
 -  Jacobs Expands MSA for Chevron's US Re... (Aug 9)
 -  Common Interview Questions for Mechani... (Aug 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Vice President, Operations
Expertise: Executive|Operations Management
Location: Houston, TX
 
Sr. Contract Specialist
Expertise: Contracts Administration|Contracts Engineer|Legal
Location: Chesterfield, MO
 
Supply Chain Management / IT Counsel
Expertise: Business Analyst|Legal
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $51.03/BBL 1.51%
Light Crude Oil : $47.09/BBL 0.66%
Natural Gas : $2.93/MMBtu 1.38%
Updated in last 24 hours