SINOPEC PAYS $1.2B
China Petroleum & Chemical Corp. (386), Asia's biggest refiner, agreed to pay Russia's OAO Lukoil about $1.2 billion to take control of assets in Kazakhstan.
The Beijing-based company known as Sinopec agreed to buy Lukoil's 50 percent of Caspian Investment Resources Ltd., which holds stakes in four projects in the central Asian nation. Sinopec and its parent already own the other half of the company via a joint venture.
The deal will give Sinopec additional hydrocarbon production of 10.2 million barrels of oil equivalent, as of 2013, Russia's second-largest oil producer said in a statement. The purchase highlights…
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