Sinopec buys Lukoil’s Kazakh oil assets for $1.09B

China Petroleum & Chemical Corp. (Sinopec) has purchased a 50% stake in a Kazakh oil producer from Lukoil for $1.09 billion, according to Bloomberg. With the purchase of Caspian Investments Resources Ltd. from Lukoil, Sinopec gains control of a venture with stakes in five oil and gas fields.  

Sinopec and its parent company already own the other half of Caspian Investments Resources, which holds stakes in fields with more than 200 million barrels of proved oil and gas reserves, said Bloomberg, citing a Moody’s Corp. report published when the transaction was announced last year.  

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