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.

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