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News Brief | May 2014

Sinopec pays $1.2 billion for Lukoil stake in Kazakhstan

China Petroleum and Chemical Corp., Asia´s biggest refiner, has 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 per cent of Caspian Investment Resources Ltd., which holds stakes in four projects in the central Asian nation. The deal will give Sinopec additional hydrocarbon production of 10.2 million barrels of oil equivalent, as of 2013.
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