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!


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

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours