Lukoil sells its stake in Kazakh oil producer for $1 billionStaff writer ▼ | August 22, 2015
Lukoilt sold its 50 percent in Kazakh oil producer Caspian Investments Resources to Sinopec, a rival company based in China, for $1 billion, giving the Chinese oil company full control.
Energy business Sinopec bought Caspian Investments Resources
Kazakhstan, meanwhile, expects a major lift in oil production with the planned restart of operations at its giant Kashagan oil field in the Caspian Sea which 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.
The Asian Development Bank said Friday it approved a $1 billion loan to help Kazakhstan strengthen its economy. ■