Russia’s Lukoil sells 50% in Caspian Investment Resources to Sinopec

April 16, 2014

Vagit Alekperov, Lukoil President, signed a purchase and sale agreement on April 15 that allows the company to sell its 50-percent stake in the Caspian Investment Resources Ltd to China’s Sinopec, Lukoil’s press office has said. The total price of the shares for sale will be around USD 1.2 billion and will be subject to a number of adjustments as of the closing date.

Caspian Investment Resources Ltd., through a number of joint ventures, owns various stakes in four hydrocarbon-production projects in Kazakhstan. Lukoil’s share in commercial hydrocarbon production as part of the above projects equaled 10.2 million BOE in 2013.

At the same time, Lukoil will continue to participate in Kazakhstan hydrocarbon-production projects, including Kumkol, Karachaganak and Tengiz projects. The company is also a member of the Caspian Pipeline Consortium.

Source: Lukoil Press Office, 2014