Lukoil Seeks Damages From Sinopec Over $1.2 Billion Kazakh DealStephen Bierman
OAO Lukoil is seeking damages from China Petroleum & Chemical Corp. through arbitration proceedings in London, saying the Chinese company breached an agreement to buy 50 percent of a Kazakh oil producer for about $1.2 billion.
Sinopec, as the Chinese producer is known, failed to complete a deal agreed April 15, 2014, to buy the stake in Caspian Investment Resources Ltd., Lukoil said in a regulatory filing.
Caspian Investment holds stakes in four hydrocarbon projects in Kazakhstan, Lukoil said. Sinopec didn’t immediately reply to e-mailed requests for comment sent by Bloomberg to its investor-relations department and public-relations staff.
Lukoil fell 3.3 percent to 3,016 rubles in Moscow.