Lukoil Sells Kazakh Oil Stake

Lukoil Sells Kazakh Oil Stake

Russia's Lukoil said it sold its stake in a Kazakh oil firm to a rival in Beijing just as China's economy falters and Kazakhstan gets a $1 billion loan. The Russian company said it sold its 50% share in oil producer Caspian Investments Resources to Sinopec, a rival company based in China, for $1 billion, giving the Chinese oil company full control, UPI reported. The Caspian producer plays a role in the development of five separate fields in Kazakhstan.  Lukoil said cumulative production since 2006 has amounted to 95 million barrels of crude oil and around 1 billion cubic feet of natural gas. Kazakhstan, meanwhile, expects a major lift in oil production with the planned restart of operations at its giant Kashagan Oilfield in the Caspian Sea.  Production was halted in October 2013, less than a month after it started, when a pipeline associated with the field cracked open. Production is expected to reach 630 million barrels in 2017 and 760 million barrels in 2020.


Short URL : https://goo.gl/DBZ1jc
  1. https://goo.gl/NIdLGT
  • https://goo.gl/1hZxFj
  • https://goo.gl/jUpVuP
  • https://goo.gl/ZBd6e1
  • https://goo.gl/LWA671

You can also read ...

Tehran Power Infrastructure, Equipment Set for Rehab
A series of operations to recondition and expand Tehran's...
About 3,400 megawatts of large-scale solar came  off the system during the eclipse.
The first total solar eclipse to sweep the US from coast to...
OPEC to Discuss Cuts in Nov.
OPEC will discuss at a meeting in November whether to extend...
Iran plans to offer new oil blends to diversify  its customers.
Iran's crude oil traded above $51 a barrel in the week to...
The Persian Gulf littoral states satisfy the lion's share of their needs for drinking water from marine resources.
Transferring water from the Sea of Oman, the Persian Gulf and...
Total's Shares Rise Over Maersk Deal
Shares in Total rose on Tuesday on the back of upbeat analyst...