Sinopec pays $1.2 billion for Lukoil projects
Sinopec Group, Asia’s largest refiner, will buy stakes in several Kazakhstan oil projects for $1.2 billion from Oao Lukoil, Russia’s No 2 oil producer, boosting Chinese energy cooperation in Central Asia.
“Chinese companies are increasingly buying into Central Asia in the energy sector,” Zhang Bin, an analyst with commodities consultant Sublime China Information Co, said. This “will help reduce domestic oil costs and ensure supply in the long run”.
China has accelerated energy cooperation with Central Asian countries in both oil and natural gas. The biggest Chinese venture in Kazakhstan is operated by China National Petroleum Corp, the largest oil and gas developer. The project’s daily crude output is 50,000 barrels. (Photo 5)