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. Last Updated: 07/27/2016

LUKoil Keeps Up Fight for Refinery

Oil company LUKoil is still determined to buy out Turgai Petroleum, its Kazakh-based joint venture with PetroKazakhstan, despite the latter's acquisition by China's CNPC, a LUKoil official said on Thursday.

LUKoil says it has pre-emption rights over Turgai, which produces around one-third of PetroKazakhstan's total output of 150,000 barrels of crude oil per day, and filed a suit at the International Arbitration Court in Stockholm earlier this month.

"We are going to continue litigation in Stockholm, but we also count on the understanding of PetroKazakhstan's new owner," LUKoil vice-president Leonid Fedun said.

He declined to say how much LUKoil was prepared to pay for the remaining 50 percent of Turgai, but added that analysts' estimates of around $700 million were close to reality.