Sinopec pays $1.2 bil­lion for Lukoil projects

China Daily (Canada) - - NEWSCAPSULE -

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)

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