Lukoil Has Buyer for Stake in Azeri Field

Lukoil has found a buyer for its 10% stake in the Azeri-Chirag-Guneshli field. The buyer is reportedly an unnamed Japanese company. The sales prices for the stake is $1.25 billion, a record transaction in Russian corporate history. Lukoil said it wants to focus on projects where it holds a majority stake. The project is operated by BP and when finished will transport oil from Azerbaijan to the Turkish port of Ceyhan.