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?

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
 -  PTTEP Sells 20% Stakes in 2 Blocks in ... (Aug 31)
 -  Buru Energy Hits Oil at Praslin 1 Well (Aug 28)
 -  IOG Gets 3-Month Skipper License Exten... (Aug 28)
 -  UIL Energy to Acquire Perth Basin 2D S... (Aug 28)
 -  Galilee Completes Acquisition of ATP 5... (Aug 27)


Most Popular Articles

From the Career Center
Jobs that may interest you
West Coast Account Manager
Expertise: Business Development|Sales & Marketing
Location: Seattle, WA
 
Chief Product Manager (Drilling)
Expertise: Project Management|Sales & Marketing
Location: Houston, TX
 
Business Development Representative
Expertise: Business Development|Sales & Marketing
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $54.15/BBL 8.19%
Light Crude Oil : $49.2/BBL 8.80%
Natural Gas : $2.689/MMBtu 1.13%
Updated in last 24 hours