OAO LUKOIL -- Moody's: LUKOIL's sale of Caspian Investment Resources to Sinopec is credit positive

London, 17 April 2014 -- Moody's Investors Service has today said that the contemplated sale of 50% of OAO LUKOIL's (LUKOIL, Baa2 stable) Kazakhstan-based Caspian Investment Resources Ltd to China Petroleum and Chemical Corporation (Sinopec, Aa3 stable) for $1.2 billion ($19.1 per barrel of oil equivalent (boe) of proved reserves) is credit positive. The transaction is credit positive for the Russian company as it will allow LUKOIL to focus on more promising projects in Kazakhstan, and provide alternative access to capital market financing, which is limited as a result of current volatility. LUKOIL expects to close the deal, which is subject to government approvals and earn-outs, by end-2014.

Vollständigen Artikel bei Moodys lesen