Middle East Economic Survey


No 51-52



BP Sells LukArco Stake To Lukoil

BP announced on 11 December that it had sold its 46% stake in LukArco to Russias Lukoil, which already holds 54% of the company. Lukoil is to pay BP $1.6bn for the stake in three tranches over a two-year period, giving it complete ownership of the firm. Also, LukArco is to repay to BP a loan of $43mn. LukArco holds a 5% interest in Tengizchevroil (TCO), which operates Kazakhstans onshore Tengiz and...