By Agence France-Presse, Updated: 12/11/2009
The British oil group BP said Friday it had sold its 46 percent stake in the Kazakhstan oil company Lukarco to its partner in the venture, Lukoil of Russia, for 1.6 billion dollars (1.1 billion euros).
The British oil group BP said Friday it had sold its 46 percent stake in the Kazakhstan oil company Lukarco to its partner in the venture, Lukoil of Russia, for 1.6 billion dollars (1.1 billion euros).
The sale means that BP will no longer be part of the Caspian Pipeline Consortium that carries oil from the Caspian Sea to the Russian port of Novorossiysk. BP will likewise withdraw from the Tengiz oil field near the Caspian Sea.
Lukarco was initially a joint venture, formed in 1997, of Lukoil and the former US company Arco, which was acquired by BP in 2000.
Since then it has been owned jointly by BP and Lukoil.
Review: http://news.malaysia.msn.com/business/article.aspx?cp-documentid=3745563
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