Kazakhstan/China - China Petrochemical Corporation (Sinopec) plans to pay $615 million for a stake in a huge North Caspian Sea project in Kazakhstan
Sinopec will buy the remaining 8.33 per cent shareholding from BG International. The acquisition furthers Sinopec¹s ambitions to raise its international exposure and increase reserves to meet a growing energy demand at home as domestic supply of oil stagnates.
Sinopec expected the Caspian Sea project to reach peak production in seven to eight years, and steady output could be sustained for 20 years, giving the company a cash flow of $300-400 million a year.