Sinopec Buys Kazakh Oil Assets From Lukoil for $1.09B

China Petroleum & Chemical Corp. completed the purchase of a 50 percent stake in a Kazakh oil producer from Lukoil PJSC for $1.09 billion, gaining full control of a venture with stakes in five oil and gas fields. The sale of Caspian Investments Resources Ltd. received the required permits from the state authorities of the Kazakhstan in late July, Lukoil said in a statement Thursday. The deal concluded after more than a year of talks and the price is less than the $1.2 billion agreed on in April 2014.

“That’s a great piece of luck for Lukoil that Sinopec had closed the deal after all, given worsened expectations over the Chinese economy,” Maxim Moshkov, an energy analyst at UBS Group AG in Moscow, said by phone. (s:Elena Mazneva)