Source Pravda.Ru

LUKoil sells its share in Caspian project to Japanese company

LUKoil Overseas, one of the Russian oil giant's subsidiaries, sold its stock in the Azeri-Chirag-Guneshli project to the Japanese oil company Inpex for some $1.354bn, a LUKoil official reported today. Azeri-Chirag-Guneshli is an offshore oil field in the Caspian Sea. LUKoil first announced its plans to sell its share in Azeri-Chirag-Guneshli in late 2002. The plan became a reality after BP and the Azerbaijani State Oil Company GNKAR gave their consent to the deal.

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