Sinopec $1.1 billion acquisition of a 50% stake in Caspian Investments Resources

Overview:

• The China Petroleum & Chemical Corporation (Sinopec) acquired a 50% stake in Caspian Investment Resources from Lukoil - Russia's second largest oil company - for $1.1 billion.
• Caspian Investment Resources is involved in the development of five hydrocarbon fields in Kazakhstan.
• The closing of the deal also marked the termination of London Court of International Arbitration proceedings between the parties that was launched during the transaction.

Jon Moore - Journalist