BP Sells LUKARCO Stake to LUKOIL

Source: www.gulfoilandgas.com 12/11/2009, Location: Asia

BP announced that it has divested its interest in Kazakhstan's Tengiz oil field and the Caspian Pipeline Consortium (CPC) pipeline, carrying oil between Kazakhstan and Russia, by selling its 46 per cent stake in LUKARCO to Russia’s LUKOIL.

LUKOIL, which already owns 54 per cent of LUKARCO, will pay $1.6 billion in cash in three instalments over the next two years. A $43 million BP loan will also be repaid to BP by LUKARCO. LUKARCO owns a 5 per cent share in TengizChevroil (TCO), which produces oil from the Tengiz field, and a 12.5 per cent interest in CPC.

David Peattie, BP's head of Russia and Kazakhstan, said: "We are pleased to have concluded this sale with LUKOIL, which follows our earlier transaction with KazMunaiGaz. We wish CPC every success in achieving the planned expansion of the pipeline which is important to Kazakhstan and Russia. We greatly appreciate the support for this sale from Transneft, KazMunaiGaz, the CPC shareholders and TCO partners and the governments of both countries."

The sale has been approved by the Government of the Republic of Kazakhstan, CPC shareholders and TCO partners.

The sale to LUKOIL means that BP has no remaining share in CPC or Tengiz. In April 2009 BP sold its 49.9 per cent stake in Kazakhstan Pipeline Ventures (KPV), which held a 1.75 per cent share in CPC, to state-owned KazMunaiGaz for $250 million.


Georgia >>  6/14/2021 - Highlights
- Block Energy has signed a Memorandum of Understanding ("MoU") with Baker Hughes to support drilling operations in Georgia. ...

India >>  6/14/2021 - McDermott International, Ltd today announced it has received two separate engineering, procurement, construction and commissioning (EPCC) contract awa...

Singapore >>  6/9/2021 - Pavilion Energy Trading & Supply Pte. Ltd. (Pavilion Energy) and bp Singapore Pte Limited (bp Singapore) have signed a long-term LNG sale and purchas...
Kazakhstan >>  6/4/2021 - President of PJSC "LUKOIL" Vagit Alekperov and Chairman of the Management Board of JSC NC "KazMunayGas" Alik Aidarbayev signed a sale and purchase agr...

Russia >>  6/3/2021 - Gazprom Neft and Shell have signed a Memorandum of Understanding setting out a framework for further cooperation in hydrocarbon exploration and produc...
Russia >>  5/28/2021 - - RITEK, a subsidiary of LUKOIL, will become the sole owner of Wolgodeminoil
- The asset transfer is part of Wintershall Dea’s strategy to focus...


Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.