MOSCOW: Russia's largest private oil firm Lukoil has sold some of its Kazakhstan stakes to China's energy giant Sinopec for $1.09 billion, the company said Thursday.
Lukoil has offloaded its 50 percent share in Caspian Investments Resources, which participates in five fields in the Central Asian nation, the statement said.
Lukoil remains the largest Russian player in Kazakhstan despite the sale with its involvement in the Tengiz, Karachaganak and Kumkol fields.
The deal with the Chinese giant has been dragging on after the two sides initially inked an $1.2 billion sale and purchase agreement last year.
Lukoil in February went to an arbitration court in February after Sinopec refused to finalize the deal.
Energy-rich former Soviet Kazakhstan is viewed by Moscow as remaining in its sphere of influence and is a part of a Russian-backed customs union.
The Central Asian nation is home to one of the world's largest offshore oil fields, the Kashagan field.
Energy companies Total, Eni, ExxonMobil, Shell and Kazakh state champion KazMunaigas, as well as Japanese firm Inpex and China's CNPC, are involved in the Kashagan field project.
Kazakhstan has said that work at the field is ahead of schedule and that production could begin in December 2016 after development was suspended by gas leaks.
Lukoil sells Kazakhstan stakes to Sinopec
Lukoil sells Kazakhstan stakes to Sinopec
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
