echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Coatings News > Paints and Coatings Market > Sinopec's deal in Russia has been accused of default

    Sinopec's deal in Russia has been accused of default

    • Last Update: 2021-03-10
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com
    China Coatings Network
    : "
    and Russia's growing energy cooperation has emerged some discordant voices." OAOLukoil Holdings, Russia's second-largest oil company, said it had filed an arbitration in London for breach of contract by China Petrochemical Corp. when it bought its oilfield assets. On February 9th Lukoic posted a short message on its website entitled "Arbitration against Sinopec". Sinopec refused to complete the transfer of Resources in theRihai Sea, the article said. On April 15 last year, Vagit Alekperov, chairman of Luko, signed an agreement with Sinopec to sell a 50 per cent stake in Caspian Resources Investments Ltd in a deal valued at about $1.2bn. Luke Oil said at the time that the deal was expected to close by the end of 2014 after conditions such as approval from the Kazakh government. But after 10 months, the deal stalled. If the transaction is completed, Sinopec group will hold all shares in TheRihai Resources. Previous equity transfers have allowed Sinopec Group to hold a 50% interest in TheRidic Resources and be effectively controlled by China Petrochemical Co., Ltd. (600028.SH, or Sinopec AG). The other half is owned by Luke Oil. In August 2010, TopopBVI, a subsidiary of Sinopec Group, acquired a 50% stake in CRI Resources from an independent third party for approximately US$1,408 million. Then, in March 2013, Sinopec AG and Sinopec Group formed JVHK in a joint venture at 50:50. In December of that year, JVHK acquired a 50 per cent stake in TopBVI for about $1,486 million. Caspion Resources, which owns stakes in several oil fields in Kazakhstan, produced about 1.02 billion barrels of equivalent per year in 2013. According to the announcement of the listed company at the time, Caspian Resources, established in 2005, holds all or part of the interest in five oil field blocks in Kazakhstan, distributed in the pre-Caspian and NorthUstyurt oil and gas-rich basins, with a proven total oil and gas reserves of 72.2 million barrels of oil equivalent, of which NorthBuzachi, the largest oil field, is in the upper stage of production and production will steadily increase and peak in 2018. Kazakhstan holds 3% of the world's oil reserves and is the second-largest oil producer in the former Soviet Union after Russia. Three of its biggest oil projects are in the hands of Western oil companies and Kazakhstan's state-owned enterprises, Reuters reported. But in the last decade, as Chinese energy companies have expanded rapidly in Central Asia, Chinese companies have accumulated resources for small and medium-sized oil and gas projects and shipped them home through pipelines. Kazakhstan produces 1.7m barrels of oil a day, about 14 per cent of which companies go to China. The reason for the stalling of the deal between Sinopec and Lukom is not yet known, and international oil prices were still above $100 a barrel at the time of the agreement, but are now close to a waist cut. Sinopec Group spokesman told the interface reporter replied that the relevant departments of the company are in the process of understanding the details of the matter, if there is progress will be promptly disclosed to the public.
    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.