Monday, August 30, 2010

Russia’s Lukoil Gets $438M in Kazakh Deal

LUKoil will receive $438 million after filing a complaint against PetroKazakhstan in 2005 over an ownership dispute with China National Petroleum Corporation. The dispute arose when LUKoil sought to exercise a right of first refusal to buy PetroKazakhstan out from Turgai Petroleum in 2008. LUKoil and PetroKazakhstan will retain their 50 percent interests in Turgai Petroleum. PetroKazakhstan is jointly owned by state-run KazMunaiGaz and CNPC. (Moscow Times 23 August 2010)

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