Lukoil to sell CIRL stake to Sinopec

OAO Lukoil reported plans to sell its 50% stake in Caspian Investment Resources Ltd. (CIRL) to Sinopec for about $1.2 billion. Closing is expected before yearend.

CIRL has interests in four production projects in Kazakhstan. Lukoil’s share in 2013 was 10.2 million boe.

Lukoil said it plans to reallocate investments to exploration projects, including those in the Kazakhstan sector of the Caspian Sea.

Lukoil will continue to participate in Kazakhstan production projects, including Kumkol, Karachaganak, and Tengiz.

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