LUKoil has sold 50% share in the Caspian Investments Resources Ltd developing several fields in Kazakhstan to Chinese Sinopec company for $1,087,000,000, reported Russian company.
The permissions of the Kazakhstan state agencies were received at the end of July, reminded LUKoil.
Now Sinopec is the only owner of Caspian Investment Resources. In 2010 the Chinese company bought 50% share in Caspian Investment Resources from the Indian billionaire Lakshmi Mittal.
Caspian Investments Resources Ltd is involved in development of five hydrocarbon fields in Kazakhstan – Alibekmola and Kozhasay in Aktyubinsk province, Karakuduk, Northern Buzachi and Arman in Mangistau province.
LUKoil has joined the projects for development of these fields in December 2005. Since 2006 LUKoil has extracted over 13 million tons of oil and over 300 million cub.m. of tank gas on these projects.
LUKoil is still involved in the oil and gas projects in Kazakhstan on Tengiz, Karachaganak and Kumkol fields. The company is also a partner of the Caspian Pipeline Consortium (CPC), reported http://www.1prime.ru.