Russian energy firm OAO Lukoil has agreed to sell its interests in some Kazakhstan oil and gas assets to China Petroleum and Chemical Corp, better known as Sinopec (00386.HK), for US$1.2 billion, the Hong Kong Economic Journal reported Wednesday.
Lukoil is offloading its 50 percent stake in Caspian Investment Resources Ltd., an entity that owns stakes in four hydrocarbon projects in Kazakhstan through a number of joint ventures, the report said, citing the Russian firm. The Sinopec group is said to already own the other half of the company.
Lukoil said last year that its interests in the Kazakhstan hydrocarbon projects amount to 1.02 million barrels of oil per day.
The Russian energy giant expects the transaction with Sinopec to be completed at the end of this year.
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