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.
