Lukoil Pays $1.6B For BP Stake In Kazakh Venture

Law360, New York (December 11, 2009, 4:35 PM EST) -- Lukoil has agreed to pay $1.6 billion for BP PLC's 46 percent stake in the energy giants' joint Lukarco BV venture, giving Lukoil full ownership of the project's interest in Kazakhstan's Tengiz oil field and the Caspian Pipeline Consortium.

Lukoil, which already owned 54 percent of Lukarco, will pay out the $1.6 billion price tag in cash in three installments over the next two years, the companies announced Friday. Lukarco also will repay a $43 million loan to BP as part of the deal, the companies...
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