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Russia's Lukoil opens arbitration proceedings in London against Chinese Sinopec

February 09, 2015, 19:18 UTC+3 MOSCOW
Lukoil demanded compensation of the lost profit after Sinopec refused to close the $1.2 bln sale and purchase agreement for 50% stake in Kazakhstan affiliate Caspian Investment Resources Ltd
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MOSCOW, February 9. /TASS/. A Russian oil producer Lukoil opened arbitration proceedings in London against Chinese Sinopec, the Russian company said on Monday.

Lukoil signed a sale and purchase agreement for 50% stake in its Kazakhstan affiliate Caspian Investment Resources Ltd with Chinese Sinopec on April 15, 2014. The transaction value was to total $1.2 bln but the Chinese partner refused to close the deal.

Lukoil demands compensation of the lost profit.

The company is taking part in four projects in Kazakhstan through its affiliate Caspian Investment Resources.

Lukoil continues to participate in Kumkol, Karachaganak and Tengiz projects related to hydrocarbons production in Kazakhstan. The company is also a member of the Caspian Pipeline Consortium.

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