LUKoil, Russia's energy company is left stranded after Chinese energy giant 'Sinopec' steps back at the last minute on a $1.2 billion deal.
Caspian investment resources Ltd has their hand in pies for four hydrocarbon-production projects, if Sinopec accepted this deal they would of had 100% control of the compan
y - Sinopec previously gained the other 50% stake which originated from Lakhshmi Mittal in 2010.
y - Sinopec previously gained the other 50% stake which originated from Lakhshmi Mittal in 2010.
Statement made by Russian LUKoil (Monday - 09/02/2015) ----------
"Sinopec has refused to finalize the deal, which is considered as a breach of contract by LUKoil. Today, LUKoil started arbitration proceedings against Sinopec regarding the significant damage inflicted."
LUKoil declared that the signing between themselves and Sinopec will be cemented onto a sale and purchase contract which was to sell a 50% stake in Caspian Investment resources, Ltd. - In April, 2014.
Like Us On Facebook -
Like Us On Facebook -
